Guide to Refinance, Mortgage,
& Home Equity Loans in
Philadelphia, Pennsylvania (PA)

The time has come for you to move or perhaps rethink your options regarding your home and how much you are paying for it. Pennsylvania is a beautiful state, with Philadelphia as its largest city. Philadelphia is a city with much history attached to it, as Philadelphia was the first capital of the United States. You can visit The Liberty Bell and Independence Hall and marvel at the thought of Benjamin Franklin once walking the now modern day streets.

Naturally, Philadelphia, PA is an ideal place for you and your family. Surrounded by both historic and modern day worlds amidst blue skies and plenty of trees and rolling ground, having a home in Philadelphia, PA is no doubt desirable. But as a highly populated area, you may be faced with some home payments. However, that is exactly what mortgages, home equity loans, and refinancing are for.

When you wish to apply for a mortgage, home equity loan, or refinance loan, you may want to familiarize yourself with some of the components of these financial transactions. Knowing these components can help you feel at ease when looking to refinance or apply for a mortgage or home equity loan, and can also help you understand more about the deal you are planning to make with your lender.

• Property: This is the physical residence you wish to purchase. You may be interested in a house or piece of land you wish to build on yourself. For those looking to live in Philadelphia and start a business, you may be looking to buy both a home and a piece of land or current building to do business in. In the case of refinancing and home equity loans, this is the home or area that you already own.
• Borrower: This is the person taking out the loan. As the person who either already has ownership of a property or interested in creating ownership of a property, you will be doing the borrowing of the money.
• Lender: This is the person you will work with, usually at either a bank or some other financial institution, that performs the actions needed to process your mortgage, refinancing option, or home equity loan. The lender acts as the liaison between you and the main company that will lend you the money or manage your finances.
• Principal: This is the original size of your loan. The principal may or may not include other costs, such as closing costs. As you begin to pay back your loan, some of your principal will shrink, and will continue to do so over time as you continue to pay.
• Interest: This is a charge for the use of the financial institution’s money. Interest will often differ between loan types and the people that obtain them. It can be adjustable, fixed, or both. Sometimes you are allowed to lower your interest rate, such as when you decide to refinance your home.

We want to be involved in the processes of obtaining your new home in Philadelphia. Contact us to let us know how we can help you refinance, get a home equity loan on your current home, or obtain a mortgage for your future home.