Mortgage Loans

Securing a mortgage is one of the most significant financial decisions you'll make, and it's important to choose the best lender. In this exciting process, you'll soon discover that We Revolve Around You is more than a tagline for Centric Bank.

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Residential Mortgages from Centric Bank

Whether you're a first-time homebuyer, designing your dream house, refinancing, refurbishing, or building an addition, Centric Bank will offer a residential mortgage solution that meets your financial needs. Your road to homeownership begins with a personal conversation with one of our expert mortgage specialists and a clear outline of opportunities, expectations, and advantages.

Ask us about our special offer of $500 off closing costs* until the end of 2022!
All credit subject to approval. *Offer ends 12/31/2022. Valid for Secondary Market Mortgages only. Not available for open-end credit. Loan must close by 12/31/2022 to receive $500 off closing costs.

Resources for Residential Mortgages

A mortgage represents the largest debt you will likely carry, and it's essential to review all your options and understand what you can do to save even more. Even minor changes in your interest rate can save you thousands or even tens of thousands of dollars over your loan term.

Centric Bank offers mortgage calculators and educational resources to help you become familiar with the available loan options. We provide personalized attention so you can discuss your personal situation with a mortgage expert on our team to help you find the right loan for your needs.

For more information about all of our banking solutions, including personal banking and HELOCs, reach out to the team at Centric Bank today!

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A Lender Who Cares

While our company offers competitive interest rates on residential loan packages, where Centric Bank truly shines is in the delivery of those services. While you take care of your home's architecture and amenities, we secure and protect your investment with a strong financial foundation—from the ground up.

We invite you to experience our mortgage services with quick turnaround, short chain of command for lending decisions, and face-to-face conversations where we listen and answer your questions and concerns.

Speak with a Mortgage Expert

Take the first step and speak with a mortgage expert at Centric Bank about your home buying dreams.

Mortgage FAQs

Typically, it is suggested that you purchase a home with a value of two or three times your annual household income. The amount you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of your down payment. You may also be able to take advantage of special loan programs for first-time buyers and veterans in order to be able to purchase a home with a higher value. Contact one of our experienced Mortgage Specialists for help in determining how much you can afford.

The amount of cash that is necessary will vary, depending on your down payment and loan program. An FHA loan is a great choice for first-time home buyers because it requires as little as 3.50% down. Some conventional loans are also available with as little as 3.00% down. We offer VA or USDA loans which may finance up to 100% of the purchase price for those who qualify.

Generally, you will need cash for a deposit when you make an offer on the house, a down payment that is a percentage of the cost of the home and is due at settlement, and closing costs.

Private Mortgage Insurance (or PMI) protects the lender from losses that can occur when a borrower defaults on a mortgage. PMI is required on mortgages when the borrower has less than a 20% down payment (or less than 20% equity in a property being refinanced). The cost of PMI is typically added to the monthly mortgage payment. In many cases, PMI will stay in effect for 60 months or until the loan-to-value ratio is at or below 78%. An FHA loan carries PMI through the life of the loan.

Closing costs are expenses paid by the borrower in connection with the closing of the mortgage loan. Depending upon the specific loan, these expenses may include an application fee, origination fee, discount points, title insurance, attorney's fees, transfer taxes for purchase transactions, and pre-paid items such as tax and insurance payments.

The interest on a fixed-rate mortgage stays the same for the life of the loan. The interest rate on an adjustable-rate mortgage (ARM) changes periodically. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is to talk to one of our Mortgage Specialists about your options.

There are many mortgage choices and options available. The best type of mortgage for each individual depends on a number of factors including your current financial picture (such as funds available for down payment) and how long you intend to keep your house. Special loan programs are also available for first-time home buyers and veterans. Our Mortgage Specialists can help you evaluate your choices and make the most appropriate decision to suit your needs.

For most homeowners, the monthly mortgage payments include three separate parts: 1) Principal - repayment on the amount borrowed; 2) Interest - payment to the lender for interest on the amount borrowed; 3) Tax and Insurance - monthly payments typically made into an escrow account for items like hazard insurance and property taxes.

Pennsylvania Home Mortgage Rates

The current mortgage rates in Harrisburg and Pennsylvania change daily. Your rate will also vary depending on several factors, including the loan term. The most common loan terms are 15 years and 30 years. A 30-year loan will have a higher mortgage rate than a 15-year loan. For first-time homebuyers, the options may seem confusing: fixed-rate, adjustable-rate, FHA, VA, USDA, among others. Our mortgage specialists will help you determine which options you are eligible for.

Securing Your Loan With Centric Bank

If you are thinking of purchasing a home in suburban Philadelphia, Lancaster, Harrisburg, or somewhere else in Pennsylvania, you may already be saving for a down payment. If you are considering purchasing a property in the next six months, contact Centric Bank to discuss your current mortgage choices. Our home loan officers can explain how mortgages can offer you a tax advantage and how you can keep your interest rates and monthly payments as affordable as possible. Start planning now so you can enjoy the home you've always wanted.

The reality is that for most people, a home is a lot more than just four walls and a roof — it is a place to raise a family and a place to fulfill dreams. As one of your most considerable assets, a house can also significantly impact your finances. Choosing the right home loan is an integral part of protecting yourself financially. If you need a mortgage, Centric Bank can help by providing you with the terms, rates, and types of home mortgages in Pennsylvania that best suit your needs.