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Barclay mortgage rates make owning a home easy

For a 30-year fixed rate mortgage, rates fall between 4.1 percent and 4.4 percent. A 20-year fixed rate mortgage has rates that vary between 3.8 percent and 4.2 percent while a 15-year fixed rate mortgage fluctuates from 3.2 percent to 3.5 percent. Full of cozy charm, you’ll wish you moved to Barclay sooner. With a variety of houses and apartments to choose from, parks to explore, and museums to visit, this small city has something for people of all ages.

Affordability in Barclay

With low mortgage rates, you’ll go from homebuyer to homeowner in no time

The mortgage rates in Barclay are currently lower than the national average, making now the best time to make that new home yours. Choose from an array of spacious single family houses or comfortable apartments. Whether you are looking for a place to raise your family, a place to settle into your retirement, or simply a place to relax away from the office, there’s something for everyone in Barclay.

Good loans are waiting for you

Earnest can help you find the home loan that’s just right for what you need

Before buying your ideal home, you need to secure a loan. Keep in mind that you may be eligible for certain rates and discounts (i.e. veterans rates) so make sure to talk with your realtor. Perhaps you already have your dream home and are looking to refinance. This option allows you to free up money for other big parts in your life like college funds, renovations, or retirement savings. Whether you are looking to switch from an ARM to a fixed rate, a 15-year to a 30-year, or vice versa, Earnest can help. Find out how much you’ll save and discover the best option for your needs.

Common Questions About Barclay 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.