Philadelphia Transfer Tax: What is it & How will the increase impact me?

📊 What the transfer tax covers & how it works It applies to nearly all transfers of real estate within Philadelphia—including sales, 30+ year leases, easements, transfers of entity ownership, gifts, and more Typically, buyer and seller split the tax 50/50, though the city can hold either party responsible. The responsibility is part of the […]

The Difference Between Warrantable and Non-Warrantable Condos

Warrantable vs. Nonwarrantable Condos: What’s the Difference? In the mortgage world, “warrantable” and “nonwarrantable” are terms we use to describe how a condo property is viewed by Fannie Mae and Freddie Mac — the two big government-sponsored entities that set guidelines for most conventional loans. Their approval (or lack of it) impacts whether you can […]

How Do I Know If There’s A Lien On My Home

What is a lien? A lien is a legal claim or right against a property, typically used as collateral to satisfy a debt. If you have a lien on your property, the lienholder (the entity that placed the lien) has a legal interest in the property, meaning they can claim part of its value or […]

Do I Really Need A Home Inspection?

You have been searching for months for the right home at the right price. You may have even made an offer or two only to have lost to another buyer. You’ve finally found THE ONE and your offer has been accepted. The house is well-maintained and in great condition. Do you really need a home […]

Bridge Loans: How to buy a home before selling your current one.

It’s a common situation: you are ready to move and have found the perfect new home, but you need to sell your current home to fund the purchase. Many homeowners don’t have the liquid assets to carry two mortgages at the same time. You could make an offer on the home contingent on the sale […]

Mortgage Lingo Cheat Sheet

1. Adjustable-Rate Mortgage (ARM):A mortgage with an interest rate that changes periodically based on a specific index, leading to varying monthly payments. 2. Amortization:The repayment of principal from scheduled mortgage payments that exceed the interest due. Each payment reduces the loan balance by the amount of the payment minus the interest portion. 3. Appraisal:An evaluation […]

What is the easiest mortgage to get?

Which Type of Mortgage is Easiest to Qualify For? When it comes to securing a mortgage, the options can sometimes feel overwhelming. One of the most common questions we get at Philadelphia Mortgage Brokers is: “Which type of mortgage is the easiest to qualify for?” “Easy” can mean a lot of things from speed and […]

Using Military Basic Allowance for Housing (BAH) for Mortgage Payments

The Basic Allowance for Housing (BAH) is a military entitlement provided to service members to for “equitable housing compensation based on housing costs in local civilian housing markets within the 50 U.S. states.” The allowance reflects the costs associated with household rental and updates the amount annually. A service member who lives on base will […]

Second Mortgages: 3 Options and Why Someone Might Choose One

A second mortgage refers to a secondary loan that is secured by the same property as the borrower’s first mortgage. Essentially, it’s an additional loan on a property that already has a primary mortgage. The first mortgage takes precedence over the second one in terms of repayment priority. 3 Types of Second Mortgages 1. Home […]

2024 Conforming Loan Limits

How much can you borrow to buy a home in 2024? Mortgage loan limits update annually based on changes in the housing market. As prices for the average home increase, loan limits will follow suit. Here, we break down the current limits for conventional, FHA, and VA and what your maximum home price would be […]