Mortgage In Philadelphia Story

The reason I'm writing this article is not to prevent you from getting a home loan in Philly, as it is a wonderful, exciting place to live with lots of fun and interesting things to do to keep busy. Rather, the purpose of today's article is to share with an experience I believe will be important for you to be aware of while you search for your mortgage in Philadelphia.

Mitch, a single young bachelor, had a job in Ohio but got relocated by his work a little closer to the east coast to Philly for various reasons. Mitch was a really busy guy, so once he found a place that he liked in the city, he figured that he could just get someone else to find a home loan for him. So, that person found one for him, and Mitch signed off on it without really even looking at the terms of the loan. He ended up putting down a very small amount of money for his new condo in Philly, which he thought was a good thing. However, his monthly payments and interest rate were out of this world!

Long story short, Mitch ended up defaulting on the loan, thinking that he would be able to keep up with the large monthly payments. His condo was foreclosed on by the bank, and he lost his place. That being said, his credit was also ruined.

Again, the moral of the story isn't to keep you from getting a home loan. If you want to buy a place in the city, you pretty much need a mortgage in Philadelphia. The moral of the story, however, is to never, never, ever let anyone else pick out a mortgage in Philadelphia (or anywhere for that matter) for you. You are the only person who knows your exact wants, needs, desires, how much you can afford, etc., so you need to make your own decisions with matters such as this. If you do have someone else helping you find a home loan, make sure you do your due diligence as well and that you know you are able to keep up with the down payment, monthly payments, and interest rate.

Hopefully this article has been helpful for you and that you will be a little better able to choose the right mortgage in Philadelphia for your specific needs.


Tony McGuigano is the owner of the Taylor Acoustic Guitar website, as well as a website called Philadelphia Mortgage.