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Philadelphia Mortgage Refinance

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The sixth most populous city in the United States, Philadelphia is home to 1.54 million people. A total of 5.8 million live in the greater Philadelphia area, making it the nation's fifth-largest metropolitan area. Chartered in 1701, Philadelphia is one of America's oldest and most historic cities, and Philadelphia is defined by its neighborhoods. Surrounding Center City and corresponding with the city's limits before consolidation in 1854 are the plainly named North, Northeast, Northwest, West, South and Southwest Philadelphia. Each of these areas includes distinctive neighborhoods, defined by old political boundaries, commercial reasons, ethnicity, religion, or culture. A multicultural city, of U.S. cities Philadelphia has the second largest Jamaican, Irish, and Italian populations and the fourth largest Polish and African American populations.

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Mortgage refinance - Philadelphia

Mortgage rates are at all-time low levels. There has never been a better time to refinance and lower your mortgage payment. If you have an adjustable rate mortgage (ARM) you can refinance and get a low fixed rate. You don't need perfect credit to apply.

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A June 2010 weekly snapshot of some of Philadelphia's most popular neighborhoods, provided by Trulia Real Estate Search, reveals a mix of market conditions for all properties. Some neighborhoods are seeing continued price deflation. In Chestnut Hill the average listing price was $808,314; in West Mount Airy it was a much more affordable $295,362; in Kensington the average was $172,352; while in Holmsburg the average listing price was $141,490. But many neighborhoods are seeing an uptick, including the bargain-basement Haverford North (average $48,020), Elmwood, Holmsburg, Northeast Philadelphia, Manayunk, and the pricier Old City (average $746,000).

Overall, in Philadelphia in June 2010 the average listing price for homes for sale was $297,848. Compared to the same period one year previously there was an uptick, with the median home sales price increased by 8.3%. During this period there were 9,295 resale and new homes on the market in Philadelphia. But despite the long-term improvement, analysts saw a slump in prices in the first quarter of 2010. During March listing prices were flat in one market (Chicago); fell in 22 of 26 major markets, including Philadelphia; and increased in just three markets (Boston, Cleveland, and Washington, D.C.). In Philadelphia, the overall home price slumped in the first quarter of 2010 from $341,991 in January to $334,336 in March. According to the Altos Index, in Philadelphia houses stay on the market for about 170 days, which is a faster turnover than cities like Chicago, where houses can sit on the market for over 200 days, but not as brisk as San Francisco, San Jose, and San Diego, where homes are on the market for less than 100 days before being sold. In March 2010, there were 23,143 houses on the market in the Philadelphia area, an increase from the beginning of the year.

Thinking about refinancing for extra cash or to lower your interest rate? From Trulia we get a snapshot of refinancing rates as of June 2010. For a $300,000, 30-year fixed rate refinance, annual percentage rates (APRs) range from a high of 5.000% at several banks including Nationwide Bank to a low of 4.441% at Credence Mortgage. Refinancing may not be an option for Homeowners whose home value has dropped to the point where the loan-to-value ratio is above 80%.

A recent hotspot in Philadelphia real estate has been in Center City condominiums. According to the Philadelphia Real Estate Blog, in May 2010 a couple paid over $12 million for a stunning 31st-floor penthouse at 1706 Rittenhouse. It's the most expensive condo ever sold in Philadelphia, and the cost per square foot was over $1,475. Other high-end condo sales include $7.6 million for a 46th-floor condo at Two Liberty Place, and the $7.5 million sale of the other half of the same floor (perhaps the view wasn't quite as good). Society Hill and Rittenhouse Square condos fetch the highest prices, while the average Center City Condo averages around $400,000.

Why so desirable? Location, location, location. Center City is rated one of the top five most walkable neighborhoods in the United States, and residents of Art Museum, Bella Vista, Fitler Square, G-Ho, Logan Square, Queen Village, Old City, Rittenhouse Square, Society Hill, and Washington Square can pretty much live their whole lives without leaving a two-mile radius. The forecast? If you have money, go for it, but there are also plenty of bargains in the cradle of American liberty.