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Today's Mortgage Rates
Home Financing Is Like The Feeling You Get On The Phantom's Revenge As It Climbs The Hill...
But once you do it, just like a roller coaster, starting the home buying journey is a total thrill (at least until the next thrill ride also known as the home inspection).
Well, what are you still doing here reading this?
Get moving! Down the page that is to our resources on home financing that we hope you'll find helpful.
And as always, if you have questions, give us a call. Or a howl.
Meet Matt Socol, Your Local Mortgage Partner
Matt Socol is a Pennsylvania-licensed mortgage loan officer with years of experience at West Penn Financial. He’s passionate about helping buyers navigate the often confusing world of home financing. With a focus on clarity, honesty, and personalized service, Matt cuts through the jargon to make your mortgage experience as smooth and straightforward as possible.
Second Look Mortgage Program
Already approved? The Second Look Program gives you a free, no obligation review of your current mortgage terms with no impact to your credit score. West Penn Financial will see if you have hidden fees and if one of their lenders can get you a better rate and terms.
The Difference Between
Prequalified & Preapproved
One of these things is not like the other
Mistakenly, many people swap these terms around interchangeable, but they mean very different things. It's important to understand the difference before you start the process. Read quick definitions below, or peruse a full article on the topic.
This is a quick, surface-level estimate of what you might be able to borrow.
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Based on information you provide (like income or debts)
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No documentation or credit check required
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Useful early in the process — but not strong enough for a serious offer
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This is a verified, lender-backed approval for a specific loan amount. You just need to pick a property! (Peanut's excited about this part).
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Requires documentation and a credit check
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Proof of employment/pay stubs
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Banking Account Information
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Shows sellers that a lender has reviewed and approved your finances
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Sellers won't usually (really ever) entertain an offer without pre-approval, and most agnet's won't take you as a client without it either.
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Getting pre-approved for a mortgage will use your credit score - specifically your mortgage credit score, but other factors beyond your mortgage credit score are considered:
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Income
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Debt to income ratio
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Student loan debt
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Assets
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Employment History/Length of time in current job
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Amount of your down payment - which if any of the above raise concerns, a higher down payment can help.
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This is not the same scoring model used for credit cards or car loans.
Different loan types have different credit scoring models that are used.
You cannot get this score in say, Credit Karma, or similar sites. Before you start, checking your mortgage score is a wise idea. Sites like MyFico.com offer it - you can usually get a month free but worth the $20-$30 you'll pay if you're not applying right away for a mortgage.
You can also talk to a lender who can get you started.
Did you know unoccupied staged homes fetch 10% more on average? When you need to sell your home as a contingency of an offer, it can cause you to lose out on homes.
Buy Before You Sell isn't the right fit for all, but using your home's equity that is paid back at closing can be the right option for some. PS. I do not get any compensation if a client uses HomeLight. It's just a tool in my toolbox to help when it makes sense.
With our Buy Before You Sell program, you get:
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Convenience and better timing. Use the equity in your current home to purchase your new one – all before even listing it.
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Lower interest rate than a bridge loan with more simplicity.
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The ability to make a non-contingent offer. Win your dream home by making a strong offer on your new home without a home sale contingency.
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Less stress. Move into your new home while we list and stage your current home unoccupied, allowing us to likely sell it for more.
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Approval in minutes.
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Loan is paid back out of closing
Mortgage Calculators
Learn About Different Types Of Mortgages
And Their Interest Rates
First Time Home Buyer Mortgages (FHA)
Did you know? A first time home-buy is someone who has not purchase a home in 7-years or more. That means you may still qualify for an FHA loan even if it's not your first home.
What’s an FHA Loan?
FHA loans are mortgages backed by the Federal Housing Administration, designed to make homeownership more accessible—especially for first-time buyers. They typically allow lower credit scores and require a down payment as low as 3.5%, making them a popular option if you're just starting out or don’t have perfect credit.
Pros and Cons at a Glance
The biggest advantage of an FHA loan is flexibility: lower upfront costs and more forgiving credit requirements. But there are trade-offs. FHA loans require mortgage insurance premiums for the life of the loan, which can bump up your monthly payment. Plus, the home has to pass a strict FHA appraisal with safety and livability standards—meaning some fixer-uppers or older homes may not qualify. That can limit your options, especially in competitive markets.
So You Got Approved. Now STOP SPENDING.
Credit Freeze
Many tears have been shed at the closing table, and they were not tears of joy because this advice requirement was not followed.
Once you are approved for a mortgage, you cannot spend anything, open new credit, zero zilch nada. Your lender will revoke your approval. Your lender will check your credit multiple times during the process and possibly up to the closing itself on that day.
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Do not open new credit cards.
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Do not use your credit cards.
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Do not buy or lease a car.
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Do not finance furniture, flooring, gutters, appliances, nothing... until after your closing.
