Bethlehem is located in the middle of the Lehigh Valley, a 731-square-mile area that is home to more than 650,000 people. The three Lehigh Valley cities: Bethlehem, Allentown and Easton, make the area Pennsylvania's third-largest metropolitan area. The city itself is broken up into three main sections: North, South, and West Bethlehem. Each part of town came into its own at different points in Bethlehem’s history, and each features areas recognized by the National Register of Historic Places.
Bethlehem, Pennsylvania became a commercial powerhouse during the industrial revolution. The Bethlehem Steel Corporation was founded in 1904, and was the first company to produce the steel I-beam. Bethlehem Steel shut down in 1995. With a population of about 74,000 and a median home price of around $150,000, Bethlehem is an excellent place to retire or to raise a family.
If you are considering a move to Bethlehem, you will be shopping for a Bethlehem mortgage to set you up in style. One of the most popular types of loans is the adjustable rate mortgage. With a traditional adjustable rate product, you will choose the loan’s term (usually fifteen or thirty years), but you will also choose how often your interest rate will adjust (usually one, three, or five years). The benefit of getting this type of loan is that you get a lower starting interest rate, but also lower overall payments.
If you already live in Bethlehem, you may be thinking about refinancing or taking out a home equity loan to get some cash for almost any purpose.
There are essentially three ways to use your equity to get cash:
A cash-out refinance means you are refinancing your existing loan to borrow a larger amount than you currently owe, taking the difference in cash. You receive your money in a lump sum and can use the money for a down payment on a vacation home, home improvements or debt consolidation. If the mortgage interest rate on your existing home loan is higher than current rates, it may make sense to refinance this way.
A home equity loan is a good idea if you are happy with your mortgage’s interest rate and do not want to refinance your existing mortgage. A home equity loan is a second loan that you take out in addition to your first mortgage, letting you get cash from your home equity. This sort of loan takes less time than refinancing your first mortgage, and is a good choice if you want to get a lot of cash quickly. It can be used to pay off medical bills, high-interest credit cards, or to finance that second home in Bethlehem.
A home equity line of credit is similar to a checking account or credit card, except that it borrows against the equity in your home at current interest rates. You only have to pay off what you borrow, and you can borrow as you need money. The interest is tax deductible, and you can often get home equity line of credit in as little as ten days.
You should keep in mind that if you borrow against the equity that you have built up in your home, you are risking your home. A home equity line of credit can be dangerous in the hands of an undisciplined borrower, who may use the money to buy things that have no investment value, for example, cars, home electronics, etc., and end up further in debt. But, for those who need the money and have a good use for it, home equity loans are a great idea. Talk with your lender about which type of loan might be the best one for your individual situation.
Whether your Bethlehem plans call for refinancing, a mortgage or home equity loan, there are professionals who can help find the right loan for your needs. Simply fill out the form below and one of our experts will contact you with the details.
