Philadelphia Mortgage Rates
Comparing options and rates will help you find the right Philadelphia mortgage loans,that caters to your short-term as well as long-term goals and is well within your means. Comparing Philadelphia Mortgage rates alone will not give you the true picture. Moreover, the option with the lowest rate need not necessarily make it the best one. Find out why it has the lowest rate and whether there will be any negative consequences in the future. Similar products should be compared on the basis of annual percentage rates, which include interest rates and other fees charged by the lender. Other points of comparison relate to lock-in terms, pre-payment penalties, closing costs and fees. Philadelphia Mortgage Rates change daily, so it makes sense to make the comparisons on the same day.
Apply Here
Find philadelphia mortgage loan rates that matches your needs from the qualified loan providers
Philadelphia Mortgage Loans
The type and term of your Philadelphia Mortgage loans to a great extent influenced by your budget, lifestyle, long-term plans, your income over the life of the loan and how long you intend to stay in the home. Hybrid mortgages combine the features of both a fixed and adjustable rate mortgage. The initial payments are fixed for periods that may be 3, 5, 7, or 10 years depending on the program chosen. The initial rates are lower than that of 30-year fixed rate mortgages. The rates conform to an adjustable rate after the initial period. Such mortgages are ideal for those who hope to sell or refinance after the initial period. Avail unbiased advice to make sure you are making the right choice.
The following table features housing preferences and mortgage trends in Philadelphia .
Philadelphia Mortgage Statistics |
| Mortgage-Free Homes |
44% |
| Mortgaged Homes |
56% |
| With First Mortgage Alone |
45% |
| Second Mortgage or Home Equity Loan |
11% |
| Home Equity Alone |
6% |
| Second Mortgage Alone |
5% |
|
| Philadelphia Housing Expenses |
| Owner expenses as % of Income |
18.2% |
| Median Real Estate Taxes |
$931 |
|
| Philadelphia Housing Stocks |
| Median Year Constructed |
1945 |
| Year Constructed - Owner Occupied |
1943 |
| Year Constructed - Renter Occupied |
1950 |
|
| Philadelphia Housing Market Data |
| Median Household Income |
$27,196 |
| Total Housing Units |
315,393 |
| Average Home Price |
$78,761 |
|
|
