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Mortgage Rates are low Invest in Centreville

The town of Centreville has everything you're looking for, so don't wait too long to act. Since 2000, Centreville has more than doubled in size, and as the population has grown, so has the value of Centreville homes. In the past year alone, the average Centreville house has increased by 5.7 percent, and those numbers are rising in the coming months. If you're looking to buy a house in Centreville, make a wise investment and soon. Spending on a house here means saving for the future.

Save on your dream home in Centreville

Find a house you'll love in beautiful southern Maryland today

The houses in Centreville are valuable and historic, so it’s a perfect town for your new title as a homeowner. Zillow estimates that the average Centreville house is worth about $359,400, with an estimated 2.6 percent increase in value for the next year. The cost per square foot is far lower than the Baltimore metro area, at around $139/square foot, and you'll even be saving more in Centreville than in the surrounding towns in Queen Anne’s County. The historical significance of the town also increases its value, and aside from the financial benefits, you'll never grow tired of the beautiful views around you. As the town is growing—and quickly—now is the time to join the Centreville market. You can purchase your new home or refinance your mortgage without straining your budget.

Purchase a mortgage or refinance now

In Centreville, a new home is within your reach

If you've been drawn in by Centerville's splendid homes and historic town center, now is the time to invest. In the last year, the value of Centreville houses rose by 5.7 percent, and with 30-year mortgage rates at just 4 percent APR, you know you're getting a good deal. The market is low now, but it won't always be. Secure your dream home in a town you can be happy in. If you're looking to refinance, Centreville has good rates for you, too. A 15-year refinance plan is estimated at around 3.25 percent to 4 percent APR, while 30-year refinances are just over 4 percent. At Earnest, we can help you with your current needs. Become a homeowner or refinance an existing mortgage in Centreville today, and save money on your future home.

Common Questions About Centreville 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.