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Discover what you can afford in Buckeystown

Right now, 30-year fixed rate mortgage rates for Buckeystown are between 3.9 percent and 4.5 percent. A 20-year fixed rate mortgage, with 20 percent down, has rates ranging between 3.7 percent and 4 percent. A 15 year fixed rate mortgage has rates that fall between 3.1 percent and 3.5 percent.

Finding your dream home in Buckeystown is easy

These loan rates put Buckeystown square in your sites

Mortgage rates in Buckeystown are now lower than the national average. With low rates and a median sales price at $270,000, buying a new home is not only a good decision, but also a wise investment. Despite averaging an hour commute to work and only scoring a 29 out of 100 when it comes to walkability, this area is conveniently located within an easy driving distance from stores, shops, restaurants, and more.

Find the loan that's just right for you

Home loan or refinancing? Both are simple with Earnest by your side

Congratulations. You’ve decided to become a homebuyer. But before you can make that dream home in Buckeystown come true, you’ll need a home loan. Mortgage rates depend on credit score, ZIP code of your target neighborhood, down payment, purchase price, and the purpose of the loan. You may also qualify for rates and discounts so be sure to discuss your options with your realtor. Otherwise, perhaps you’re researching Buckeystown mortgage rates to refinance a home you already own. Refinancing allows you to redirect some of the money going into your loan to other things such as college funds or renovations. With Earnest by your side, this process is just as simple. Whether you are looking to switch from an ARM to a fixed rate, or changing your term from a 15 year to a 30 year, Earnest will help you find out how much you can save.

Common Questions About Buckeystown 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.