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Affordable Chesapeake City mortgages

Right now the American real estate market is extremely buyer-friendly, so just like the rest of the country, Chesapeake City mortgage rates are more affordable than ever. With great views of the water, a relaxed and safe town, and a wide range of available homes, it's never been a better time to move to Chesapeake City. This is a safe and affordable city with plenty to do both in and around town. It's a great place to start your life or raise a family.

Waterfront views at an affordable price

Chesapeake City is perfect for any kind of buyer

Chesapeake City offers many different types of homes. According to Trulia, the median home sale price in November 2016 was $247,450, which is relatively affordable compared to all of the local amenities in Chesapeake City. Residents can rest assured knowing that Chesapeake City has a low crime rate, making it a safe space for residents to feel comfortable. Additionally, great local public schools make Chesapeake City ideal for families as well. Whether you're looking to buy a second home to visit during long weekends, or want a full time family house with room to grow, choose Chesapeake City and see why it's the best choice.

The best home loan for a Chesapeake City property

Low rates and an easy application remove stress and frustration

Every homeowner needs to acquire a good home loan before getting the keys and unlocking the door. It's important to do your research to figure out what your property taxes and mortgage rates will look like beforehand. Many factors can affect your mortgage rates; from credit score to ZIP code to loan amount, etc. There's a lot to consider but Earnest can help you figure out the details so you don't have to fret or stress. So, talk to your realtor about how your rates can change and if you're eligible for any discounts. The research that goes into refinancing a home is similar to when you initially secured your mortgage. Refinancing is also something we can help with as well. Refinancing can help you afford that next big purchase in your life. Your home is worth a lot of money so why just sit on it?

Common Questions About Chesapeake City 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.