Erie, PA is a city in Erie County on the coast of Lake Erie. The population of the city is approximately 104,000 people. Erie, PA is the county seat of Erie County and is also called ‘ Gem City’ because of the sparkling Lake Erie as a backdrop. With such beautiful scenery, it is no wonder that so many people choose to call this area home. If you are looking for a home and mortgage, refinance or home equity loan in Erie, PA, then we can help you find the right product to fit your needs.
Find the right mortgage
If you want to buy a home in Erie, PA, you will need a great mortgage. There are a number of options available to you for mortgages, consider some of these mortgage types:
Fixed rate mortgage: A fixed rate mortgage has a fixed interest rate that is associated for the term of the loan. The interest rate may be slightly higher than with other mortgage products, but you will not have to worry about the interest market rising and increasing your payments down the road.
Adjustable rate mortgage: If you like the idea of low starting payments for your mortgage then this is the perfect loan for you. However, the downside of an adjustable rate mortgage is that the interest changes at certain points throughout the life of the loan and can translate to much higher interest rates and payments applying to your mortgage in the future.
50-year mortgage: If you are looking for a home in Erie, PA and the house of your dreams has a higher than average price tag, you may have some difficulties qualifying for a traditional mortgage. A 50-year mortgage may be the best solution. These mortgages are usually adjustable rate mortgages, but because of the extended period of the loan, the mortgage payments may be more affordable and can help you into the house of your dreams.
Interest only mortgage: If your income is expected to increase over the next 10 years, then an interest only mortgage could be a great option for you and your family to get into a home of your own. For the first 10 years of an interest only mortgage, the payments you make are only the interest on the mortgage. After 10 years, you will pay both interest and principal payments on the mortgage for your home.
Refinancing
If you already own a home in Erie, PA, refinancing your mortgage or loan could be an option. There are a few options to choose from for refinancing. You could go the traditional route and essentially get a new mortgage and pay your old one off. This is a good option if the interest rates are exceptional right at the moment and you want to lock in the lower interest rates and payments. Another option is a cash-out refinance loan. This replaces your existing mortgage, but also gives you a check for the equity that you have built in your home. Essentially, you are starting your mortgage all over again at the market price you paid for your home, but getting the cash that you have paid already to use for something else.
You could also look at a standard home equity loan which converts the equity in your home to cash on hand for you. In this case, you do not get a new mortgage, but rather a second mortgage or second loan on your home.
Lenders
You may be ready to find the right lender to help you get a mortgage, refinance or home equity loan. The first step is to shop around for interest rates and lender charges for the particular type of financial product you want.
Take some time to fill out the form below and one of our qualified lenders will contact you shortly to discuss your needs.
