A recent Primerates.com survey of Philadelphia mortgage rates offered by the largest area banks & credit unions found that rates for 30-year fixed -rate conforming loans in the Philadelphia metro area for well-qualified borrowers increased slightly during the past several weeks. The spread remained at a quarter percent ranging from 3.88% at Wells Fargo (www.wellsfargo.com) to 4.13% at PNC Bank (www.pnc.com), Citizens Bank (www.citizensbank.com), and Citibank (www.citibank.com).
Getting a good deal on a house is more than scoring a low interest rate or picking the house up for a low sticker price. These are important aspects, but they are aspects that can be bargained. No matter how cheap the house is, if there is some sort of foundation damage, flood damage, or pest damage, it can end up costing the homeowner well into the thousands of dollars for repairs. The repairs can quickly exceed any savings on the house, and in the worst case situation the building could be deemed unsafe for human habitation. A quick look during the tour might not reveal any of these problems, but before any decision is made, a certified inspection should be done. For just a few hundred dollars all the little problems of the house can be uncovered. Then the buyer can decide if they want to tackle those projects, or pass on the house.
Many areas of the country have problems with homes that were once used as Meth labs. While it may be tempting to pick up a house for cheap, they should be avoided at all costs. In fact, most areas it is not even legal to sell them if it is known that methamphetamines were cooked in the structure. If you suspect a home you are looking at was once used in such a manner, alert your realtor, and move on to the next house, it is not safe to have prolonged exposure to these sorts of houses.
|
Top Philadelphia Area Banks and Credit Unions |
As of |
30-year Fixed |
15-year Fixed |
5/1 ARM |
| Wells Fargo |
01/27/12 |
3.88% |
3.00% |
2.13% |
| Sovereign Bank |
01/27/12 |
3.99% |
3.25% |
NA |
| Beneficial Mutual |
01/20/12 |
3.99% |
3.25% |
NA |
| Bank of America |
01/27/12 |
4.00% |
3.38% |
2.75% |
| PNC Bank |
01/27/12 |
4.13% |
3.38% |
NA |
| Citizens Bank |
01/27/12 |
4.13% |
3.38% |
2.75% |
| Citibank |
01/27/12 |
4.13% |
3.38% |
NA |
Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
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