Clarks Summit, Pennsylvania is a highly desirable housing market. Just a short drive from Scranton, Clarks Summit is the perfect place to relax and raise a family, with a population of just a little over 5,000 people.
Continue reading for insights into this small town’s real estate market, and tips to get a mortgage in Clarks Summit, Pennsylvania.
Clarks Summit Real Estate
Clarks Summit is a city that believes in maintaining a neighborhood feel. Community policing builds bridges between police and residents, and is a reason it was named one of the safest cities in Pennsylvania by Safewise.com for 2015.
Home values in Pennsylvania experienced a drop during the 2007 housing crash, like other states, but they are slowly rising. The average home value in Clarks Summit is $161,700 according to Zillow, which is slightly below the national average of $184,600. However, home values in Clarks Summit are above the state average of $151,800.
Real estate markets like Clarks Summit can be a buyer’s market, with home prices slightly favoring buyers rather than sellers. This will help you, as a buyer, get more for your money when shopping for a home.
Housing Prices Likely to Keep Rising in Clarks Summit
Clarks Summit is a desirable place to live, so home prices are likely to continue increasing from their 2007 housing crash lows.
Clarks Summit is a small city that promotes small town values, which many people are looking for in their lives, especially when compared to large cities.
Residents of Clarks Summit believe it’s a wonderful place to raise children, and feel safe in their homes. These are attractive features that will help keep housing prices moving upward in this small city.
Getting a Mortgage in Clarks Summit, Pennsylvania
If you are interested in purchasing a home in Clarks Summit, you’ll probably be interested in getting a mortgage to help with the purchase. So here are some tips to get the best possible mortgage for your home purchase.
#1 Credit Report and FICO Score
Check your credit report and correct any mistakes, while also taking action to raise your FICO score. When it comes to getting a mortgage, your FICO score affects:
- Your ability to qualify for a mortgage.
- Types of mortgages for which you can qualify.
- The interest rate of your mortgage.
#2 Down Payment and Closing Costs
Also, make sure you are saving to pay the mortgage down payment and closing costs. Your loan originator will help you understand how much you need to save, so try to meet with a mortgage broker early in the process.
#3 Pre-Qualification and Pre-Approval
When you are ready to start looking for a home, begin the process of working with a loan originator to pre-qualify for a home loan, which will allow you to immediately start working with a Realtor as a qualified buyer. Then as you search for a home, you can go through the longer process of being pre-approved for a home mortgage.
#4 Prepare to Close
Once you are pre-approved for a mortgage, the lender submits your application to underwriting, along with all of the supporting documentation. After meeting the remaining conditions, you will receive a “clear to close”, and the lender will send the paperwork for closing to the title company/closing agent.
Lastly, you will close on your home.
Marimark Mortgage
Marimark Mortgage is a Clarks Summit Mortgage Broker serving the mortgage needs of borrowers in all of Pennsylvania.
As a mortgage originator, we specialize in conventional home mortgages, FHA, VA and USDA mortgage options, refinance loans, and reverse mortgages. We’ve also worked extensively with a variety of refinancing options to help clients lower their payments on their home.
To start the mortgage process and become pre-qualified and pre-approved, fill out our Quick Mortgage Application or contact us direct.
The Marimark Mortgage Newsletter will keep you informed with important events in the mortgage industry that could impact your finances.
We especially focus on ways to save money on your current and future mortgages. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers.
Real estate agents, and other professionals in the industry, will receive an ongoing wealth of information that will help them serve their clients.
