Jumbo mortgages are home loans for larger-than-average principal amounts. Since loan amount affect the interest rate, jumbo mortgage lenders tend to offer different rates than if you were borrowing a smaller amount.
Once your principal reaches about $500,000 or more, your loan is considered to be jumbo-sized. If you’re looking for the lowest Philadelphia mortgage rates for a jumbo mortgage, refer to the list below. We’ve compiled the best mortgage rates based on a loan amount of $500,000
If you’re interested in getting a low mortgage rate in Philadelphia, but don’t want to drag out the term of your loan over 15 or thirty years, you may want to secure an adjustable rate mortgage, or ARM, instead. The advantage of an ARM is that like a fixed rate mortgage, the first few years of the loan are a fixed, low interest rate. The difference is that after the introductory period, the interest rate adjusts to match a market index.
One of the most popular types of Philadelphia mortgage loans is the 30-year fixed rate mortgage. Fixed rate home loans offer pretty low interest rates right now, and a term of 30 years means you’re spreading out the cost of a major purchase over three decades. That’s why this type of mortgage is generally so affordable.
Buying a home is a huge step to take and requires a large financial commitment. In order to be sure you don’t pay more for your home than necessary, secure a mortgage with the lowest rate possible. The slightest reduction in your mortgage interest rate could equal big savings over time.
Mortgage interest rates are at an all-time low, but they can’t stay low forever. If you’ve been considering refinancing, do so soon while rates are still affordable and save thousands on your home over the life of your loan.
If you’re not sure where to start your search for the best refinance rates, you’ve come to the right place. Philadelphia Banking Rates compiles data from thousands of banks, credit unions and other mortgage lenders to bring you the best rates possible.
Philadelphia, Pennsylvania is a beautiful place to own real-estate in. With so many different things to do around here, it’s no wonder residents never want to leave. To refinance your home in the Philadelphia area, compare low-interest Philadelphia home loan refinance rates below to see which is best for you and your family:
Real-estate in Philadelphia may have fell since the expiration of the tax credit but don’t be afraid and not invest in your new home. Utilize our already available list of banking resources to find the best rates for your new home.
Aurora Bank 30 Year fixed rate at 4.375% with an estimated monthly payment of $1,498
AmeriSave 30 Year fixed rate at 4.375% with an estimated monthly payment of $1,498
EverBank 30 Year fixed rate at 4.125% with an estimated monthly payment of $1,454
