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Move to Mount Rainier today!

Located just outside Washington D.C., Mount Rainier is a beautiful small city in Maryland whose population and median home values are steadily on the rise. With mortgage rates in the area at an all-time low and a wide selection of single family houses and cozy apartments to choose from, it’s no wonder more and more people are making the move to Mount Rainier. If you're looking for a place to settle down and call home, Mount Rainier is the place for you. An Earnest loan can help you get there.

Something for every homebuyer

Looking for a new house or apartment? Mount Rainier has just what you need

Nestled just outside of Washington D.C., Mount Rainer is a city that is constantly growing. Since 2010, the population in Mount Rainer has increased by 4.9 percent, bringing the population to an estimated 8,475 as of last year. With a vast variety of single family homes to choose from and an area high on the walkability scale, this city is the perfect place for you and your loved ones. Grab a coffee with friends at one of the local coffee shops like Urban Eats Arts and Music Cafe, or explore one of the many museums in the area. Take a relaxing stroll around Mount Rainier National Park or Barnard Hill Park, or go back in time exploring the Mount Rainier Historic District. Whatever your interests, you will never be bored in this small city.

Buying a house in Mount Rainer is easy

Low mortgage rates and easy online applications make homebuying simple

With the average home value on the rise and the population increasing at a steady rate, there has never been a better time to purchase a new home in Mount Rainier, Maryland. But while buying a new house or apartment can be exciting, the amount of factors that need to be researched and thought through can quickly make the process not only frustrating, but overwhelming. Thankfully, Earnest will help ease the mortgage to move-in journey, whether you are an experienced homebuyer or someone just starting out. From analyzing your unique financial profile, to helping you determine your priorities as a homebuyer, Earnest will work with you to establish your target home price. All you'll have to worry about is how to decorate your new place.

Common Questions About Buying a Home in Mount Rainer

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.