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If you are in Pennsylvania and you are looking for a mortgage loan, there are several things you will need to know to choose the mortgage loan that is right for you. It is important to understand the costs associated with a mortgage loan, as well as the rates and types of mortgage loans available in Pennsylvania. Based on the most recent data, mortgage rates for thirty year fixed mortgages are at historic lows, and the amount of points charged varies per lender. is an excellent resource when your goal is to save money and minimize costly errors that could affect you now and in the future. With an assortment of free loan calculators, an in-depth explanation of the Borrower's Bill of Rights and even a Loan Analyzer tool, is the first and last stop for the borrower that wants to be informed and up-to-date before choosing a loan. The Rate Directory on allow consumers to search for mortgage rates while at the same time flagging those mortgage lenders that abide by the Borrower's Bill of Rights and are in good standing with the Better Business Bureau. You should also use RealEstateABC's ABC Values™ tool to check what the current home values are in Pennsylvania.

It is very important to consider the type of loan you need to meet your current financial situation and consider your future needs. There are various types of loans available including fixed rate 15 or 30 year mortgages, adjustable rate mortgages (ARM), home equity loans, home equity lines of credit (HELOC) and more.

Fixed Rate Mortgage

This is your parent's mortgage loan. Prior to the internet, when most people stayed at the same job until retirement and families weren't as mobile as today; this loan was the epitome of stability. In this loan, the interest rates and payments stay the same for the term of the loan.

The 5/5 & 5/1 Adjustable Rate Mortgage

This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.

Mortgage Refinancing in Pennsylvania

In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.

The rates and points on each mortgage loan will vary. As with any major consideration, it is imperative to consider all of your options and utilize all of the resources available to make an educated financial decision. Some tips on preparing for and finding the right loan are:

  1. Know your current interest rate vs. your potential new interest rate, especially if you are refinancing.
  2. Compare rates, not only on the internet and newspapers, but visit several lenders and have them give you rates, points, fees and other charges in writing so that you can take them home and compare.
  3. Do the math - just because your new loan has lower interest, doesn't mean you will save money in the long term.
  4. If you are refinancing, look closely for prepayment penalties on your current loan.
  5. Factor tax advantages and disadvantages and think about how long you plan to stay where you are - if you plan to move within 2 to 3 years, a new loan might not save you enough to warrant a new loan.

For the most up to date loan rate, the U.S. Federal Reserve, Freddie Mac, and the Interest Rate Outlook from are exceptional resources.

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Major Metropolitan Areas in Pennsylvania