Central Pennsylvania’s property market continues to run red hot, which means it’s a great time to be a homeowner here in Lancaster. Even if you aren’t ready to sell just yet, strong housing prices mean every dollar spent on your home goes a little bit further. Here’s how to build equity in your home by making some smart choices about home improvements. How to Build Home Equity With Home Improvements Home improvements are a great way to get more out of your biggest investment — your house. With property prices still on the rise throughout Lancaster County, money spent on improvements that your family can enjoy today will be worth… read more »

Housing is in high demand in central Pennsylvania as young families and retirees flock to the area’s spacious suburbs and livable cities. Read on for some handy home buying strategies to help you snag your slice of the action.   The Location You Want, The Home Buying Strategies You Need   Hoping to buy a house in Lancaster County or Harrisburg? You better look sharp. Housing in the area continues to be in high demand as more and more city folk look for greener pastures in the wake of the pandemic. Going Upcountry Areas around Harrisburg and throughout Lancaster County have been drawing increasing numbers of retirees and young families, attracted by… read more »

Buying a home is an exciting experience! And, it doesn’t have to be overwhelming when you understand the steps. Whether or not you’ve been through the process, if you’re considering buying a home, now is the time to brush up on what to know about mortgages before applying. Here, we’ll walk you through how mortgage payments work, the application process, and what mortgage options you have once you’ve made the purchase. How Mortgage Interest Works When it comes time to purchase a home, you’ll hear a lot about rates. Think of an interest rate as the price you pay for using someone else’s money. More specifically, your mortgage rate is… read more »

Buying a home may be one of the most expensive purchases you’ll make so it’s important to consider your budget carefully before setting out on the search for your dream home. And this starts with one question: “How much mortgage can I afford?” When answering this question, you need to set realistic expectations by considering your finances, borrowing options, and the total costs of buying. Read on below as we further discuss the best tips for determining how much mortgage you can afford. Know Your Credit History When you apply for a mortgage, your credit reports from the three main bureaus — Equifax, Experian, and TransUnion — will be obtained… read more »

It’s important, whether buying or selling a home, to understand the ins and the outs of mortgages. Since the majority of people who buy a home need a mortgage, having an understanding of the most frequently asked questions can reduce confusion when taking one out.  Bookmark these mortgage FAQs, divided by section, to help you in the process! Types of Mortgages What Type of Mortgage Is Best for Me? Here at Belco Community Credit Union, we offer three types of mortgage loans: Conventional, FHA, and VA loans. These loans each have qualities that make them better suited for certain individuals. Conventional loans are your match if you have a strong… read more »

Selecting a lender for your home mortgage is something you should carefully consider. Not all lenders offer the same level of service and some charge higher interest rates and fees than others. Your mortgage lender is a long-term partner. Your home loan could be for up to 30 years, and it’s something you want to make sure you get right. If you are a first-time buyer, you may be wondering how to choose a mortgage lender when there are so many options. The following overview will help you understand the different types of lenders and loans, and how to find a lender that will give you the best rates and… read more »

If you’ve been paying off your current mortgage for a while, it may be a good idea to refinance. By refinancing, you pay off your current loan and replace it with one that (ideally) has more favorable terms. However, it’s important to know whether it’s worth it to refinance your mortgage. During refinancing, you’ll go through the entire application and approval process over again, so it should at least balance out the costs in the end. The Best Times To Refinance A Mortgage Typically, the best times to refinance a mortgage are those that will net you large savings over the life of the loan. These circumstances include: Market rates… read more »

Purchasing your first home can feel like a rite of passage. It’s a part of the American dream that you might have always imagined as part of your future, so once you’re ready to make it a reality, you want to do it right.  There’s a lot that goes into buying a home, whether it’s your first, or you just haven’t owned a home in a while, but having the best resources and information will help you have a successful experience.  You can use this First Time Home Buyer Guide to help you through the process of purchasing your first home. Who is a First Time Home Buyer? When you… read more »

Qualifying for a mortgage can feel like a daunting task with all of the paperwork, documentation, and steps needed to go from pre-approval to closing. However, having an understanding of the mortgage loan process in advance can make the journey easier. Keep reading for a simple step-by-step guide to getting a home mortgage loan. Prepare Your Finances Before you ever apply for a mortgage, you want to prepare your finances for making this large purchase. To do so, here are a few steps you should take: Check your credit score Your credit score is a significant indicator of your ability to qualify for a mortgage. That’s why it’s essential to… read more »

Life situations differ wildly, so buying a home will look a little different for each person and family. As such, mortgage loans come in numerous types to accommodate many different scenarios. Fixed-Rate Mortgage The most common type of mortgage is a fixed-rate loan. Fixed-rate mortgages have an interest rate that remains consistent throughout the life of the loan, meaning monthly payments are predictable. When to choose a fixed-rate loan These mortgages are fairly standard, which means many home buyers opt for them. They tend to be best for buyers with good credit who buy when rates are low since they can lock in a solid rate early on. It’s worth… read more »