Thinking about buying a home in Bucks County, PA? Then think about the length of the mortgage loan you need.
The majority of U.S. home buyers choose either a 15 year mortgage or a 30 year mortgage. Home mortgages in Bucks County are no different. How do you decide? These questions will help decide which one is right for you.
How Much Can I Afford?
Don’t bust your budget by choosing a home loan that will suck up a large chunk of your monthly income. Look at the monthly payments. If you can comfortably handle it, choose a 15 year mortgage, because you’ll have it paid off in half the time! However, if those payments don’t leave you a cushion for other financial obligations or unforeseen emergencies, opt for a 15 year mortgage.
What’s the Home Price Compared to Your Income?
Buying a home in Bucks County can vary from a moderate to a seven digit price tag. Be sure to weigh the cost to your income. If a 15 year mortgage takes up over 40% of your take-home pay, it’s smart to choose a 30 year mortgage.
Do You Have Other Financial Obligations?
Credit cards, student loans, children’s tuition, and retirement savings require examination. If you don’t have many other responsibilities, choose a 15 year mortgage. But, if your expense list is long, a 15 year mortgage makes more sense.
What’s the difference in the interest rate?
Sometimes the interest rate on 15 year mortgages are lower than 30 year. If the former is only a few hundred dollars more, it pays to choose that one if you can financially swing it.
There are several considerations when choosing the length of your mortgage loan. If you are living in Bucks County, start the decision process by talking to a professional lender about your options.
Kristen Katzianer
Easy process from start to finish
Easy process from start to finish. The underwriter should make more money.
Bart Cerami
Andrew Larson and Federated Lending made refinancing my home simple, and saved me a lot of money in the process. And Andy continued to assist me after the closing when I had a question regarding my local tax payment. I have already recommended him to several of my friends and will continue to do so. Thanks Andy!!
Megan Detwiler
We were happy with our experience. Initially there was a step missed that caused a slight delay, but we couldn’t be upset because it ended up getting us a lower rate overall. We were able to sign the documents in the comfort of our own home which was super convenient and appreciated. Would recommend!
Jorge Figueroa
Federated Lending Is Fantastic and Honest
This was such an easy transaction. What is probably the most stressful thing to do Andy and his Team made this absolutely seamless. Everything was done perfectly and right on time. Zero issues at the closing table and it all went exactly as it was explained. I was prepared for so many things to be a push up and there was none of it. NONE! I cannot say enough ...
Patrick Mallon
Federated Lending has great customer…
Federated Lending has great customer service, a very knowledgeable staff, and made re-financing an effortless experience.
Katie Novak
Federated Lending was a great mortgage…
Federated Lending was a great mortgage company to work with! We were able to ask questions and get immediate answers.
Mike Pawlikowski
Federated Lending comes through again
Federated Lending comes through again. Tom K. and Federated Lending team helped me through the process of getting my original mortgage and now again with the refinance. They made the process very easy and I am extremely happy with the end result. I would strongly recommend if your looking for a mortgage or refinance that you reach out to the Federated Lending Team.
Shawn Cannon
Second time working with Vince
Second time working with Vince. Have had nothing but great experiences. Highly recommend!!
Elaine Punchello
I've trusted Federated Lending multiple…
I've trusted Federated Lending multiple times for my home mortgages. They make what can be a difficult process easy to get through. I've never had a delay in a settlement because of my mortgage, which is a frequent issue with other lenders. I'll continue to use them and recommend them. Thanks!
Jacob Desperak
Wonderful and easy experience!
My wife and I had a very good experience with Fedlend thanks to Andy and Kathy. We couldn’t be more thankful for all the help and guidance we received along the way. Would definitely recommend to all home buyers, as we will use Fedlend for our next purchase or refinance.
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