What Clients Ask The Most

Answers To All Your Questions

When should I refinance?

Refinancing your current mortgage can be an excellent way to save money on monthly payments, consolidate debt, or free up funds for other purposes. At Southern Penn Mortgage LLC, we specialize in helping our clients find the best refinancing solutions for their unique needs. Our expert advisors can guide you through the process and ensure you make the right choice.

Should I get a fixed rate or adjustable rate loan?

At Southern Penn Mortgage LLC., we understand that when it comes to taking out a mortgage loan, one of the biggest choices people have to make is deciding between a fixed rate and an adjustable rate mortgage. While adjustable rates may have lower initial payments, the risk and unpredictability involved in them can put a lot of pressure on homeowners. That's why fixed rates are more reliable and safer than adjustable rates mortgages. With a fixed rate, the borrower always knows what their monthly payment will be, making it much easier to budget and plan.

What is a sub-prime mortgage?

Simply put, a sub-prime mortgage is a type of mortgage lending that is extended to borrowers who have a lower credit score or have difficulty in qualifying for a conventional mortgage. This type of lending may come with a higher interest rate or other unfavorable terms.

How to find a good realtor?

Look no further! We work with the best realtors across the state to ensure that the home buying process is easy and streamlined. Our team has over 6 years of experience helping people find the right financing options for their dream home. Contact us for some realtor recommendations!

What is an FHA loan?

FHA loans are especially useful for first-time homebuyers who may not have the down payment or credit score necessary for a traditional loan. They are insured by the Federal Housing Administration, which means lenders can offer these loans to buyers who might not otherwise qualify. These loans typically require a down payment of only 3.5% of the purchase price and can provide lower-cost financing options for those who may not meet traditional underwriting guidelines.

What is an Conventional loan?

Conventional loans are a type of mortgage that is not backed by the government. They typically require a higher credit score and down payment than other loans and are popular with homebuyers who have strong credit history and stable income. At Southern Penn Mortgage LLC, we are happy to walk you through the differences between loan types and help you find a loan that works for you.

What credit score is needed to finance a house?

When it comes to financing your dream home, there are many things to consider. Credit score is just one of them. Generally speaking, FHA-Insured loans may be attainable at 580 or above, while conventional loan programs need at least a 620. However, there are many other aspects of qualification that we take into account when designing a mortgage package that is tailored to your unique needs. Contact us today if you have a specific scenario to discuss, and let our experts help you secure the financing you need.