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Here is your guide to mortgages in Bushwood

In Bushwood, mortgage rates are low at 3.99 percent for a 30-year plan. Start looking for your house now, while the market is in your favor. With the bay at your doorstep and a wide array of stunning, comfortable homes, you'll be amazed the properties on the market in this town.

The perfect place for you is in Bushwood

Feel at home in your new house

Bushwood homes are affordable and spacious, and the town is picturesque. Here, the waterfront properties are perfect for families and single residents alike, and you'll find a hard time finding a city with a better atmosphere or location. Both Washington D.C. and Annapolis are just under 70 miles away, so commuters can also enjoy the quietude of this community without sacrificing your job in the city. In Bushwood, you can embrace the small town charm and make yourself at home, but you'll have easy access to surrounding amenities as well. With low mortgage rates and great prices on these houses, now is the optimum time to invest. Don't pass up on the opportunity to live in Bushwood for a bargain.

Making Bushwood your new home

Get a good mortgage rate with a simple and easy loan

As a potential new homeowner, we know that you have a lot to think about. Deciding to move includes more details than mere numbers, but sometimes you don't even realize what you might be overlooking. To ensure you have all the information you need, let Earnest help you through the process. We want you to walk away feeling happy and completely secure in your investment, so we assess more than just your credit score. Whether you are refinancing your home or trying to get a loan for the first time, Earnest will support you along every step of the way. Your financial security is important, but acquiring your dream home shouldn't come second to your budget. We are here to make sure that you feel certain and excited about your decision. We look forward to helping you find your next home.

Common Questions About Bushwood 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.