Alert Message

Berlin home loans are simple and stress-free

Looking to move to a smaller town? Berlin offers budget-friendly mortgage rates and homes that fit your needs. With the median home price at only $259,900 according to Zillow, homebuying in Berlin is possible for anyone. Fantastic attractions and beautiful living make Berlin the perfect place to settle down. Whether you're single, have a family, or are preparing to retire, don't hesitate. Berlin has something to offer every potential buyer.

Berlin is where your dream home is located

Search no more for your affordable home

Berlin has everything you need without having to go far. With Earnest's help, you can determine the important factors that go into homebuying and see where your financial plan fits. Get ready to settle down and enjoy a quieter life in Berlin, where everything you need is right in town. You can finally escape the city life here. Home values in the area have increased by 3.6 percent over the last year, according to Zillow. These values are also expected to increase by 1.4 percent in the next year, making Berlin a timely and wise investment. Since 2000, the area's average household income has increased by $22,775, according to city-data. Berlin is on the up-and-up, so what are you waiting for?

Home loans in Berlin are quick and easy

Never worry about application stress again

Whether you're a first-time homebuyer or refinancing your mortgage, you're in for a similar process, and Earnest can help with both. Many factors can affect your mortgage rate, such as ZIP code, the down payment, and your credit score. Earnest can help you take the necessary steps to find the perfect home loan or switch your ARM to a fixed rate. Wherever you are in life, Earnest is here to help streamline the process. Become a Berlin homeowner today with help from Earnest. Make your best investment today.

Common Questions About Berlin 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

People around a computer

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.