PA Conventional Fixed Rate Mortgage
By far the most popular choice in PA and NJ are fixed rate mortgages. They are the traditional way to finance your home and generally the safest. The interest rate will never change, there is no prepayment penalty, and there are numerous terms to choose from including a 30 year fixed or 15 year fixed, 25, 20 or 10 year terms.
Loans above the lending limits set by Fannie Mae and Freddie Mac are called nonconforming or jumbo loans. The Fannie Mae conforming loan limit for a PA mortgage is $417,000 with no high cost counties. Just because a loan amount exceeds the conforming loan limit doesn’t mean a product isn’t available to meet your needs. For a PA mortgage that exceeds $417,000 you would most likely need a none conforming loan such as a jumbo loan. If you are looking for either the conforming loan amount for your PA mortgage or for any other state you can click here.
Most conventional mortgages have a fixed rate, but an adjustable rate mortgage can still be considered conventional. Typical fixed interest rate loans have a term of 15 or 30 years. A shorter-term loan usually results in a lower interest rate. Adjustable-rate mortgages, or ARMs, fluctuate in relation to the rate of a standard financial index, such as the LIBOR. Monthly payments can go up or down accordingly. We will address this more thoroughly in the ARM section.
As with any of our products, we offer the lowest fixed rate PA and NJ mortgages.