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See what you can afford in Betterton

For a 30-year fixed rate mortgage, rates fall between 4.1 percent and 4.5 percent. A 20-year fixed rate mortgage rates vary between 3.8 percent and 4.2 percent, and 15 year fixed rate mortgages fluctuate from 3.2 percent to 3.6 percent. With so many housing options and activities in Betterton, it’s no wonder residents, vacationers, and weekenders love this town so much. Whatever your style or preference there’s something for everyone in “The Jewel of the Chesapeake.”

Purchase your brand new home in Betterton today!

With low rates and a gorgeous view of the Chesapeake, don’t wait any longer

As of 2015, 325 people live in Betterton. Now you can join them. With Betterton mortgage rates falling below the national average and the median sales price in the area at $281,250, it’s the perfect time to invest. With a majority of houses built around 1939 or earlier, and new townhouses and condos going up constantly, Betterton is the perfect blend of old and new. Though this area is low on walkability, there is plenty to do in this beloved vacation spot. While there are no stores in the town, nearby Chestertown offers a variety of grocery stores and shopping centers for Betterton residents and visitors.

Quick and simple home loans for your dream home

Getting a home loan is a piece of cake with Betterton’s low mortgage rates

Before you enjoy your new home in Betterton, you need to secure a home loan. Mortgage rates will depend on the purpose of the loan, your credit score, the ZIP code of your target neighborhood, down payment, and the purchase price of what you’re looking at. With a home loan signed, it’s time to start looking for your home by the bay. Perhaps you’re researching Betterton mortgage rates in order to refinance. This lets you set aside some of your hard-earned money for important expenses like college tuition or home renovations. Whether you are looking to change your term from a 15-year to a 30-year, switch from an ARM to a fixed rate, or vice versa, Earnest will help you find out how much you can save.

Common Questions About Betterton 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.