Pittsburgh Conventional Home Loans and Feb 2013 Mortgage Rates Report

By
Mortgage and Lending with First Capital Mortgage Group

Pittsburgh Pennsylvania Conventional Loan Resources and Information
Including 2013 Pittsburgh Mortgages Rate Report and Statistics

Looking for a mortgage or conventional home loan for buying real estate in
the Pittsburgh Pa. area? Take a look at our conventional home loan resources
and information including a free consultation with Pittsburgh mortgage loan broker
Justin Rosenal with First Capital Mortgage.

Apply for a Pittsburgh Pennsylvania Home Loan click here
- use mortgage broker Jutin Rosenal for loan officer - 

Conventional Fixed Loans
 
Pittsburgh Conventional Fixed-rate mortgages are for borrowers who:

- Have at least 1 month of pay-stubs only or 1 year of income tax returns
- Plan on staying in their homes long-term.
- Prefer to have one Rate for the life of the loan.
- Consistent monthly mortgage payments.

Available for Primary residence, Second homes and Investment properties
Terms for Fixed-rates consist of 30-, 25-, 20-, 15- and 10-years
Refinance up to 95% of your primary home's value
Purchase a new property for as little as 5% down (primary residence)
Loan from $50,000 to $3,000,000

Pittsburgh Conventional ARM Loans
 
 Conventional Adjustable-rate mortgages are for borrowers who:

- Have at least 1 month of pay-stubs only or 1 year of income tax returns
- Looking for the lowest possible rates
- Plan on holding on to the property for a predetermine time
- Significantly lower monthly payments

Available for Primary residence, Second homes and Investment properties
Terms for Adjustable-rates consist of 10-, 7-, 5-, and 3- years
Refinance up to 95% of your primary home's value
Purchase a new property for as little as 5% down (primary residence)
Loans from $50,000 to $3,000,000

Interest rates are fixed for a period of between three to ten years.
After the fixed rate period, the interest rate can adjust up or down
depending on market conditions.
 
Pittsburgh Homes for Sale Pittsburgh Conventional Home Loans


Today's Pittsburgh Pa. Mortgage Rates Report

Zillow Mortgage Marketplace reports Pittsburgh mortgage rates for 30-year fixed-rate mortgages dropped 5 basis points from 3.49% to 3.44% on Thursday. The latest Pittsburgh mortgage rates are 4 basis points lower than the national average of 3.48%. Pittsburgh mortgage rates on February 21, 2013, are down 4 basis points from last week's average Pittsburgh rate of 3.48%. For 5/1 ARM loans, Pittsburgh mortgage rates charts show a rate of 2.32%.

Looking for a company that specializes in conventional home loans in the
Pittsburgh Pa. area? First Capital Mortgage Group in Pittsburgh Pennsylvania
is a full service mortgage loan company that specializes in conventional loans,
conventional loan funding, conventional loan applications and also conventional
loan processing.

For more information on getting a conventional home loan for your next
real estate purchase contact mortgage broker and company owner Justin Rosenal
for a free consultation on loan programs  and how conventional loans work.
Cell 412-913-0756

Mortgage Broker / Officer Justin Rosenal
Licensed by the PA Department of Banking NMLS# 336744
First Capital Mortgage Group
Manor Oak II 1910 Cochran Road Suite 545 Pittsburgh, Pa. 15220
Office 412-942-1020 ext 22 / Cell 412-913-0756
Email: jrosenal@hotmail.com

Pittsburgh Real Estate for Sale - Search over 4,000
Pittsburgh area real estate listings for sale including
houses, towhomes and condominiums.
http://www.1pittsburgrealestate.com/



Pittsburgh conventional mortgage loans and market reports

Pittsburgh Conventional Home Loans / Resources and Information

Requirements for Obtaining a Pennsylvania Conventional Mortgage

In most cases, a buyer should be aware that conventional financing may not be available if the home in question will bring housing costs above 28 percent of their monthly income. Most lenders calculate housing costs by adding the estimated monthly payment, property taxes and required insurance. If this total is $1,000 per month and the household or individual income is less than $3,570 then a conventional loan may not be possible. Potential buyers will need to discuss their particular situation with a mortgage professional.

Generally, most lenders offering conventional financing have a minimum FICO score requirement of 620. A conventional lender is more likely to look at trends and consider each applicant individually rather than deny the loan based on a single negative event in the credit history. This means that if you have a late payment or delinquency still showing up on your report but in the years since have had a perfect record, the lender may be willing to look past the history.

Unlike federally backed loans like the USDA mortgages, conventional mortgages require a down payment. In most cases, lenders will want to see 5 to 10 percent down. On a $200,000 house, you may need to cover $12,000 to $25,000 in upfront costs once you calculate down payments, taxes, fees and closing costs. If you plan on seeking the conventional route, it’s a good idea to start saving early.

Benefits of Conventional Loans

There are several possible benefits to conventional mortgages for people who can qualify. First, conventional mortgages come in more term lengths than some other loans, including terms that range between 10 and 40 years. Finally, there is usually not a penalty for most conventional conforming mortgages, making it a good option for those who plan to pay off debt early.

No matter what type of mortgage you apply for, you should always do your homework regarding interest rates and the company you are dealing with. This is especially true with conventional lending that may not conform to government standards.

Visit http://www.pittsburghomeloans.com  to learn more about conventional loans.


Pittsburgh mortgage loan company

Apply Online for a Pittsburgh Conventional Home Loan

Types of Conventional Loans

Adjustable rate, fixed rate, bridge home loans, balloon loans and hybrid loans are
types of conventional home loans. Each of these offers different interest rate structures
and payment terms.


Credit

Conventional loans usually require a higher credit score than FHA loans.
This is partially because conventional loans aren't backed by the government.


Debt-to-Income Ratio

A conventional home loan has a lower allowable debt to income ration,
usually between 33 percent and 36 percent, whereas an FHA loan allows
up to 41 percent.


Considerations

A conventional home loan may require a down payment of 20 percent.
In some cases, this amount may be higher depending on the borrower's credit.

Looking for more informaton on Conventional loans, FHA loans, Jumbo loans,
USDA loans and other types of loan programs available contact Justin Rosenal
for a free consultation.

Pittsburgh Mortgage Broker / Officer Justin Rosenal
Licensed by the PA Department of Banking NMLS# 336744
First Capital Mortgage Group
Manor Oak II 1910 Cochran Road Suite 545 Pittsburgh, Pa. 15220
Office 412-942-1020 ext 22 / Cell 412-913-0756
Email: jrosenal@hotmail.com

Conventional home loan company broker serving all of
Allegheny County and Pittsburgh Pennsylvania

http://activerain.com/blogsview/3630693/pittsburgh-conventional-home-loan-and-conventional-mortgage-loans 

http://activerain.com/pittsburghresources

www.1pittsburghomeloans.com

http://www.1pittsburghomeloans.com/pittsburg-fha-home-loans-and-mortgages/

Pittsburgh Conventional Home Loans and Feb 2013 Mortgage Rates Report


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