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Baldwin mortgages make homeownership easy

Baldwin homes are simply stunning and yet they're so affordable! These homes would be almost impossible to own if they were located in a different city which is silly because Baldwin is a charming and warm town that's right near everything! Once you have your Baldwin mortgage then you can come home to your own personal sanctuary and paradise every single day. Earnest can not only help you get there but they'll help you get a great rate and price!

You're almost home with a Baldwin mortgage

Earnest can help you get a great rate on your Baldwin mortgage

Living in Baldwin is not only affordable but also a buyer's market currently. There are great homes for sale and at great prices. Zillow predicts 1.4 percent growth for Baldwin homes within the next year, so you'll likely see the return on your investment almost immediately. The market in Baldwin is largely stable and luxury homes are more than affordable. Rates are very low too, so you'll likely be able to get a great deal on your new home. Bankrate reports that 30-year fixed mortgages are available for as low as 3.8 percent and the possibilities will only further open up. Many things can affect the overall cost, including your down payment, credit score, and much more.

Baldwin mortgages are simple and easy

You're almost home! You just need your mortgage and then it's move-in day

Homeownership can seem scary, especially if this is your first time buying a home. It's easier than it sounds and Earnest can help answer all of your big questions and make sure you're getting the home that you've always wanted, and at a great rate too. If you've owned a home before, then you know there's not too much to it and this time will be even better because Earnest will help guide you along the way. Maybe you want to refinance your home to pay for your children's college or some major home renovations—no matter what the reason, Earnest can help you with refinancing your home as well and help you get back to living your life!

Common Questions About Baldwin Mortgage Rates

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.