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You're one step closer to a New Windsor home

Under an hour from Baltimore, New Windsor is one of the most affordable suburbs to live in. Small town charm with accessibility to the city makes New Windsor an ideal home for commuters with families wanting to avoid city expenses. The local Sulphur Springs Park is a great addition to the community, serving as a public space for history buffs and outdoor lovers alike. Safety and affordability are prevalent in New Windsor and there are plenty of different types of homes to choose from.

New Windsor is where quality meets affordability

A charming, suburban escape from the city

New Windsor is the perfect place for families and young professionals looking for affordable housing in a quieter community that is still close to Baltimore. Considering it's low crime rates, abundance of local middle schools and New Windsor College and the Sulphur Springs Park, New Windsor is a great, safe place to live. According to Trulia, Fall 2016 marked a new low for New Windsor home prices. At a median sales prices of $250,000 this is the lowest it has been for months. Take advantage of the affordable prices in this great community fast before prices spike again!

Home loans that streamline you to move in day

Buying a home in New Windsor has never been so easy

Buying a new house should be exciting, not frustrating. But headaches can seem unavoidable when trying to find the perfect house and an affordable home loan at the same time. Thankfully, Earnest is here to help you identify what you want in a house, what you can afford, and how you're going to finance and purchase your new home. With a simple application and low rates, Earnest is the home loan you want. Home prices are lower than ever at $250,000 so it's never been so affordable to buy in New Windsor!

Common Questions About Buying a Home in New Windsor

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.