Alert Message

Buy a house in a town where you’ll be happy.

By investing in a Chevy Chase home, you’ll be welcomed into a community with great residents, great amenities, and a great location. If you’re already searching, you know that now is the time to make your purchase. Whether you're looking for your first mortgage or refinancing an existing one, rates are low, while home values are on the rise. Chevy Chase is no different. Find a home in this charming Maryland town, and you’ll be happy with the house you buy—and the money you save.

Invest in a home in Chevy Chase.

Live your ideal lifestyle in this serene town.

In Chevy Chase, there is no shortage of elegant, historical houses. The area is perfect for families and single residents alike. Commuting from the town of Chevy Chase or its surrounding villages is convenient for all, with Bethesda only 5 minutes away in any direction and D.C. just a short distance further. With access to many available transport links, Chevy Chase is situated close to the city but remains a peaceful suburb at heart. The average home in this charming town is valued at $1,065,300, with affordable mortgage rates to boot. Mortgages are on par with the national average at 3.6 percent to 4.3 percent APR, while 15- or 30-year refinance rates similarly reflect the market at 3 percent to 3.9 percent APR, respectively. Purchase a house in Chevy Chase, and you’ll feel right at home.

Purchase your dream home in Chevy Chase.

Find a loan for your new home with Earnest.

If you’ve got your eye on Chevy Chase, you’re probably envisioning a life of convenience and comfort in one of the town’s beautiful homes. However, turning your vision into a reality might involve more steps than you thought. At Earnest, we'll help you get an affordable loan for the house of your dreams so you can skip all the unexpected hang-ups of the homeownership process. Financing a mortgage can be complicated, but it shouldn’t be impossible. Earnest is here to help. If you’re considering refinancing, Earnest has a range of tools to support you. The reasonable rates in Chevy Chase won't always stay that way, so now is the time to make an investment. Take advantage of everything this town has to offer with Earnest.

Common Questions About Chevy Chase 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

People around a computer

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.