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Pennsylvania couple looking for a new home and mortgage

Home Loans and Residential Mortgages in Pennsylvania

 

For most people, a home is the biggest purchase they will ever make – and one of the most complex. Whether you are a first-time home buyer or moving into a new home, working with the right mortgage lender can make the process seamless, efficient, and simple. At Columbia Bank, we make the process of securing a home loan as stress-free as possible, so you can focus on getting settled in your new place. 

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If you’ve never gone through the process of applying for a mortgage before, the process might seem intimidating. Mountains of paperwork, waiting for approvals, navigating interest rates – it’s easy to think that your dreams of home ownership are out of reach, especially if you don’t have perfect credit or a substantial down payment. But at Columbia Bank, we've helped thousands of people get the right home mortgage loan, simplifying and streamlining the process. We have a friendly, efficient, and dedicated team of mortgage experts who are ready to help you find and finance the home of your dreams.

As a leading mortgage lender, Columbia Bank and their mortgage experts will help you find the perfect loan to fit your short-term and long-term needs, subject to credit approval. These include:

Fixed-rate mortgages. With a fixed rate mortgage, you pay the same interest rate for the life of the loan. A fixed rate loan is ideal for when you plan to live in your home for a long time, you want the security of predictable monthly payments, or you want to take advantage of low interest rates.

Adjustable rate mortgages (ARM.) An Adjustable Rate Mortgage offers competitively low interest rates for a fixed term. The rate could change in the future based on market conditions and Pennsylvania mortgage rates, meaning that your payments could increase significantly down the road. However, if you don’t plan on living in the home for a long time, an ARM might be the best option for your needs.

Regardless of the type of loan you need, we will be with you every step of the way, making the process as easy as possible to get you into your new home quickly.

Simplifying the Mortgage Process

At Columbia Bank, we do everything we can to make the process of getting Pennsylvania mortgages as simple as possible. You can begin the process by applying online and check the status of your application using our easy online system at any time.

Before you begin looking for a home, we have a simple pre-approval process to help simplify your loan processing and allow you to make more competitive offers. Columbia Bank also offers a 75-day rate lock guarantee, so you don’t need to worry about interest rate increases after you have found your dream home. And once you do find your home, we walk you through the underwriting and closing process, ensuring that you get the right loan at the right rate.

Once your loan is approved and you’ve moved in to your new home, Columbia Bank offers multiple repayment options designed to save you money. For instance, you might choose a biweekly payment option, and make the equivalent of 13 monthly payments every year instead of 12. With such a payment plan, it’s possible to shave several years off the term of your loan and thousands of dollars in interest.

 

Getting Pennsylvania Mortgages 

As a leading mortgage lender, Columbia Bank is proud to offer an array of sound mortgage products and financing programs. Before you begin our online application, you can take steps to help ensure the process goes as quickly as possible. 

  • Review your credit report and know your score. Columbia Bank offers products for a wide range of credit scores, but the higher your score, the better your interest rate and the lower your payments. Before applying for a mortgage, check your report for errors, and take steps to address negative information.
  • Gather documentation of your income, assets, and debt. This includes pay stubs, bank statements, investment statements, and bills.
  • Delay any major purchases. Now is not the time to buy a new car or open any new credit cards.

Ideally, you should have at least 15-20 percent of the home price available for a down payment, but there are loan programs for buyers who don’t have a substantial down payment. In some cases, qualified buyers may be able to secure a loan with as little as 3.5 percent down. Keep in mind, though, that the higher the down payment, the lower your monthly payments. In addition, some lenders require buyers to secure private mortgage insurance (PMI) if they opt for a smaller down payment. 

After you submit your pre-approval application, our trained team of mortgage experts will get to work finding the right mortgage product for your needs and walk you through the approval process. You can speed up the process by providing all requested information and documentation on time. Once we have all of your information and you’re approved for the loan, we can usually have a closing date for you quickly. 

Columbia Bank is registered with the National Mortgage Licensing System and Registry as required by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Safe Act).

 Questions?

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*Offer subject to credit approval.

All residential mortgage loans are subject to approval in accordance with Columbia Bank’s lending policies. *Columbia Bank’s “Fast Track” preapproval program typically provides a decision within 24 hours or on the next business day for weekends and holidays. This preapproval program is valid for 90 days and is available to borrowers who are not self-employed, are not a business owner and do not own
any investment property. The applicant must write in “TBD” on their application in order to be eligible for a Fast Track preapproval which is available for purchase mortgages only.**If your Pennsylvania residential mortgage loan does not close within 60 days or less (including weekends and holidays) of your signed purchase contract date, due to no fault of Columbia Bank, you will receive a $200 VISA® Gift Card at time
of loan closing. Gift card value will be reported to the Internal Revenue Service (IS) and a 1099-INT will be issued. For current rates, fees and restrictions, please contact Columbia Bank at (800) 962-4989 for further details. Offer subject to change without notice. NMLS# 504284.