Best Mortgage Refinance Companies in Pittsburgh

Frequently Asked Questions

• Introduction

  Refinancing a mortgage can be a complicated process, and hiring a mortgage refinancing broker can make it simpler and faster. There are several things you can do to protect your interests and help your broker complete the process for you.
  

  
  

  Check a potential broker’s online reviews to find one with a good reputation. In addition to the opinions of past clients, check to see if a broker has an online portfolio, which can support the reviews you find from past clients to show a broker’s trustworthiness. This can also help you establish if a broker has handled financing for properties similar to yours.
  

  
  

  Get a written summary of a broker’s rates before committing so you know exactly what hiring your chosen mortgage refinance broker will cost. Find out which lenders work with your broker and what information they need to successfully refinance your mortgage.
  

• What are the current annual percentage rates for Pittsburgh properties?

  As of August 2023, the annual percentage rate for a 30-year fixed-rate mortgage in Pittsburgh is 7.080%. Meanwhile, the rate for a 15-year fixed mortgage is 6.151% and 6.255% for 10-year fixed mortgages. These are lower than the rates for adjustable-rate mortgages, which is 7.777% for both 7-year and 5-year ARMs.

• How much of one’s home equity can be used in Pittsburgh?

  Lenders in Pittsburg typically allow only 80% of one’s home equity to be made available for a refinance loan. In order to determine one’s equity, one’s current remaining mortgage must be subtracted from the appraised value of the home. Borrowing against one’s equity allows homeowners to pay for large expenses such as home remodeling, a car, or college tuition.

• Can Pittsburgh homeowners refinance if they have a second mortgage?

  Homeowners in Pittsburgh who have a second mortgage are still permitted to refinance, as both loans will typically be consolidated into one new first mortgage for more streamlined monthly payments. However, those who wish to keep their second mortgage intact will have to go through the subordination process and pay additional fees.

• What are the fees associated with Pittsburgh mortgage refinancing?

  Those in Pittsburgh who wish to refinance their mortgages will have to pay standard third-party fees such as credit report, title, escrow, notary, and recording fees. They will also have to cover appraisal and lender fees for processing and underwriting. In addition, there are also prorated pre-paid costs for property taxes, interest, and homeowners insurance.

• How long does the Pittsburgh mortgage refinancing process take?

  Depending on the complexity of one’s loan, refinancing a mortgage in Pittsburgh typically takes up to 45 to 60 days. At the closing, one’s loan documents will be reviewed and signed in the presence of the signing authority such as an escrow agent or attorney. After this, the loan will officially close in three to five days.

• How do you refinance a mortgage?

  Decide why you’re refinancing, such as to get a lower interest rate, pay off your loan faster, or to get a lower monthly payment. Share your credit information with your broker along with information about the equity you have in your home. Review your mortgage refinance broker’s quotes and choose the best loan terms.