Philadelphia County, Pennsylvania
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1 Platform, 6 Refinance Alerts
01
Alert for Lower Rates
02
Alert for Cash Out
03
Alert for Shorter Term
04
Alert for Eliminating PMI
05
Alert for Product Changes
06
Alert for Changes in Home Value
Philadelphia Real Estate Market Update
Philadelphia County, Pennsylvania, has seen a steady rise in its real estate market, with the median home sold price reaching $261,652 in October 2024, marking a 0.6% increase from the previous year. The median price per square foot is $199, reflecting the county's stable housing market conditions.
Philadelphia, the largest city in the county, has a population of approximately 1.6 million people, making it a significant urban center. Other notable areas include Mid City West and Overbrook Hills, with varying population sizes and housing characteristics, contributing to the county's diverse urban landscape.
Living in Philadelphia County offers a predominantly urban experience, with suburban pockets providing a mix of lifestyles. The county is known for its rich history and cultural amenities, attracting new residents for its vibrant city life and employment opportunities in sectors like education, healthcare, and technology. Migration patterns indicate people are moving to the county for its job market and educational institutions, making it a dynamic place to live.
2025 Mortgage Loan Limits:
Philadelphia County, Pennsylvania
1 Unit
$806,500
Conforming Loans
$594,550
FHA Loans
2 Unit
$1,032,650
Conforming Loans
$761,150
FHA Loans
3 Unit
$1,248,150
Conforming Loans
$920,050
FHA Loans
4 Unit
$1,551,250
Conforming Loans
$1,143,400
FHA Loans
Questions About Refinancing in
Philadelphia County
What is mortgage refinancing?
Refinancing is the process of replacing your current mortgage with a new one, often to secure a lower interest rate or change the loan terms.When should I consider refinancing?
Consider refinancing when interest rates drop, your credit score improves, or you want to switch from an adjustable-rate to a fixed-rate mortgage.How much does it cost to refinance?
Refinancing costs typically range from 2% to 5% of the loan amount, including closing fees, appraisal, and title fees.How long does the refinancing process take?
The refinancing process usually takes between 30 to 45 days, but this can vary based on lender efficiency and document preparation.What are the benefits of refinancing?
Refinancing can lower your monthly payments, reduce interest rates, shorten loan terms, or allow you to tap into home equity.What is cash-out refinancing?
Cash-out refinancing allows you to take out a new loan for more than your current mortgage balance and receive the difference in cash.Will refinancing hurt my credit?
Refinancing may cause a temporary dip in your credit score due to the hard inquiry, but the impact is usually minor and short-term.Can I refinance with bad credit?
It may be harder to qualify, but some lenders offer refinancing options for people with lower credit scores, though they often come with higher interest rates.How much equity do I need to refinance?
Most lenders require you to have at least 20% equity in your home to qualify for refinancing, though some programs may allow for lower equity percentages.Is it possible to refinance a rental property?
Yes, you can refinance an investment or rental property, though the terms and interest rates may be different compared to refinancing a primary residence.
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