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Find the mortgage rates you can afford

The buyer's market in America makes now the time to acquire your dream home in Cooksville. Whether you're looking for a historic home or a newly remodeled one, Cooksville offers space for families and couples alike. Close proximity to cities in Howard County as well as Baltimore coupled with idyllic woods make Cooksville the ideal neighborhood to settle in.

Find a home right for you in Cooksville

Accessibility for everyone

Cooksville offers spacious, dreamy homes in the heart of Howard County. In easy driving distance of Baltimore and other business centers, Cooksville is perfect for commuters. A small population and low crime rate are also appealing features for those who want to bringing up their families in a smaller, quieter community. Here you can have the conveniences of nearby cities while still enjoying parks and woods in a quaint town that features properties with lots of space. Amenities are not the only reason to consider Cooksville. Value is another reason. Cooksville sits within the median range of home prices in Howard County at about $713,360, according to Trulia. With ample amenities and space to explore, Cooksville offers something for everyone.

The best home loan in Cooksville

A home mortgage process without the headache

Whether this is your first home, investment property, or your dream retirement home, obtaining a home loan is the first step towards securing a contract on a home. Some people find the process daunting and that isn't surprising. There are many factors that are considered when it comes to mortgage rates—credit score, ZIP code, loan purpose, and down payment. And that's just a few of them. Earnest can help clear the confusion and minimize the stress. Ask your realtor if you are eligible for any discounts. Once you're preapproved, your Cooksville home awaits! Refinancing is a great option for those want some money for a big purchase or major expenses. Researching your information for a mortgage rate is similar to homebuying. Let Earnest help you find the option that's perfect for you.

Common Questions About Cooksville 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.