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Become a Barnesville Homeowner

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 3.7 percent and 4 percent, and a 15 year fixed rate that fluctuate from 3.2 percent to 3.5 percent. With a view of Sugarloaf Mountain, this gorgeous rural town is just the place to settle down. With a rich historic background and a community teeming with budding artists and authors, it’s no wonder people are making the big move to Barnesville.

Your New Home is Waiting in Barnesville

Now is the time−don’t wait to settle down in this historic town

The median home price in Barnesville is $545,000. With that price bound to rise and today’s low mortgage rates across the nation, now is the perfect time to buy a new home in this small rural town. Whether you are looking for a spacious house or a comfortable apartment, Barnesville, Maryland has something for everyone. Wake up every morning with a view of the mountains, spend the weekends exploring and getting to know local artists and their craft. Or tour the town and hear the stories and tales that have built up over the years. Despite the town being low on the walkability scale everything you need is within a comfortable driving distance from the town and estimated commute time to work is at least 45 minutes.

A Loan that Won't Break the Bank

Going from a hopeful homebuyer to a proud homeowner is easy with Earnest

Securing a home loan is the first step in your homebuying journey. Mortgage rates depend on factors like the purpose of the loan, your credit score, the target area’s ZIP code, purchase price, and the amount of the down payment. Make sure to discuss your options with the Earnest Realty team since you may be eligible for certain rates and discounts such as veterans rates. Maybe you don't want to sell. Maybe you want to refinance. Then you can free up some money for other major areas in your life such as 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. They will show you how much you can save and help you discover the best option for your needs.

Common Questions About Barnesville 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.