Waverly, Pennsylvania is the epitome of a sublime place to call home, with luxurious homes, a small town feel, and proximity to the city of Scranton and other nearby towns.
Waverly changed its name in 2010 from Abington, because of confusion with Abington Township, Pennsylvania. So if you are researching this community, be aware of the confusion you might run into with the name. But the history of Waverly remains intact, which is one of the reasons people are drawn to this township that was originally settled by people from Connecticut, and was an important stop on the Underground Railroad.
Continue reading to learn about the real estate market in this family-oriented community, and for tips to get a mortgage in Waverly, Pennsylvania.
Waverly, Pennsylvania Real Estate
Pennsylvania experienced the same drop in home values as the rest of the country during the 2007 housing crash, but home values are rising at a slow and steady pace. Zillow currently has the average home value for Waverly homes at $337,700 as of 2016. This is on the high side, compared to both the national and Pennsylvania home value averages. The national average according to Zillow is $184,600, and the state average for a home in Pennsylvania is $151,800.
Housing Prices Expected to Rise in Waverly
Waverly continues to offer great value as a community, and is a highly desirable place to live. Therefore, property values are expected to continue rising in this luxury community that has retained its small-town feel.
Known as a wonderful place to raise a family, Waverly residents enjoy being in a historically rich area that was once a welcomed stop on the Underground Railroad, where escaped slaves and freedmen bought small houses built by a local farmer.
Demand for homes in Waverly will continue to increase, which will result in rising real estate prices over time, especially in light of the fact that Waverly is close to larger cities for work, shopping, recreation, and more.
Getting a Mortgage in Waverly, Pennsylvania
If you are considering moving to Waverly, there’s a good chance you will need a mortgage to fund the purchase of your home.
#1 Pre-Qualification and Pre-Approval
Before you begin looking for a home, you will need to become a qualified buyer. Contact your mortgage loan originator to pre-qualify for a home loan, which can be accomplished over the phone in just a few minutes. This 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.
#2 Down Payment and Closing Costs
When applying for a mortgage, the funds to pay your down payment and closing costs must be secured. Your mortgage broker will explain the rules regarding these funds, so you have everything in order for closing.
#3 Prepare to Close
Once you are pre-approved for a mortgage, the lender submits your application to underwriting, along with all 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 is a Waverly 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.