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What to know before buying in Maugansville

Maugansville is perfect for those looking for a break from the city life. Providing beautiful homes with lush family-sized yards, these homes are perfect for families of three and more. With a bounty of public and private school options, Maugansville is perfect for families looking for better education and options for their children. If you are interested in healthy lifestyles, it's worth taking a serious look at healthy, livable Maugansville.

Maugansville will help you live a healthy life

Amenities designed to help you make healthy choices for your family

With beautiful lush grounds and a plethora of walkable spaces, Maugansville promotes healthy lifestyles and healthy life choices. According to Livability.com, approximately 68 percent of the population is at a healthy weight. On top of this, around 79 percent of the community is non-smoking, making this a perfect city for raising children away from the dangers and worries of secondhand smoke. Maugansville also allows you access to multiple hospitals within the region without having to deal with hospital traffic. That can be of great importance for retirees as well as people with children. According to livability.com, there are 28 acute care hospitals and 1 veterans hospital within 60 miles of the city.

Let's make this easy from purchasing to moving in

A smooth application method, prompt response, and quick completion

Buying a home in Maugansville will help you to aspire for the best. From healthy living to better education, this city is a great choice for new families looking for good bright beginnings or retirees looking to make the most of their golden years. With so many people being more pressed for time than ever and with so many different choices in the area, it can be hard to narrow things down and get things into focus. Let Earnest help you make this process easier through identifying and singling out what your most important priorities are, how they work with your financials and then providing you with the assistance, answers and loan you need to make your homeowner's dream possible.

Common Questions About Buying a Home in Maugansville

All The Answers You Need to Settle Down Sooner

Should I choose a fixed or adjustable rate?

It depends how long you expect to stay in the home. Adjustable rates are good for people who may not be in the home long, whereas fixed rates are ideal for people who are confident of settling in.

Do I need a home appraisal?

Probably—in most cases, the homebuyer must use an appraiser to evaluate the value of the home. Appraisal costs vary depending on the value of the property, as well as the state the house is in. Buyers cannot choose their own appraiser—the bank makes the decision.

What is PMI?

Private mortgage insurance (PMI) is required when a homebuyer makes a down payment of less than 20%, or when a borrower refinances with less than 20% equity in the home. PMI fees vary according to your down payment and credit score, and adds a premium to your monthly mortgage payment. Please note, PMI is tax-deductible in 2015 and 2016 for certain income brackets.

What does Loan-to-Value mean?

Loan-to-Value (LTV) is the percentage of your home’s value that your loan represents. When refinancing, the calculation is simply the loan amount divided by the appraised value. When buying a home, the LTV is found by dividing by either the purchase price or appraised amount, whichever is lower. When the LTV is less than 80%, the lender generally requires PMI.

For example:

Purchase price: $100,000
Down payment: $15,000
Loan amount: $85,000
Appraised value: $110,000
LTV: $85,000/$100,000 = 85%

What are closing costs?

Closing costs are standard fees associated with a real estate transaction. You will typically pay about 2-5% of the purchase price in closing costs—the exact amount depends on where you are buying (or refinancing), as well as number of extra fees involved in your particular transaction. Earnest charges no lender fees, so the borrower is only responsible for 3rd-party fees.

What should I consider before refinancing my mortgage?

Refinancing your home loan is an attractive option when rates are low. A simple rate and term refinance can help you lower your monthly payment and potentially eliminate your PMI premium, as long as you have built up enough equity in the home. You might also use a cash-out refinance to access some of the equity you’ve built up in the home (which may result in a higher monthly payment on your new loan).

However, keep in mind that refinancing a mortgage does involve several fees (closing costs). Before refinancing, you should calculate the ‘break-even’ point at which your refinanced loan makes up for the closing costs. If you plan to leave your home before this time, it’s better to stay with your current mortgage.

Knowledge Is (Buying) Power

Further Resources from the Earnest Blog

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The intelligent home loan

When it comes to finding the right home loan, Earnest works hard to ensure that the process pain-free. We use an industry-leading and intuitive online-only application (meaning most times no scanner or fax machine required), a 5-star client service team, and a unique rolling pre-approval that stays current while you track down that perfect home. At Earnest, the home loan process is like no other.