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A Crisfield mortgage can unlock your dreams

According to Zillow, home values have remained consistent in the last year and there are no projected changes in the following year. This is a very safe investment in a wild and crazy world that is always changing. Consistency is another word for comfort and stability, and it's a great thing to be able to count on in a constantly changing world.

Plenty of possibilities with a Crisfield mortgage

You can live like you never thought you could

Crisfield has lower than average rates in terms of securing a mortgage than a lot of other cities in the country. According to Bankrate, a mortgage on a 30-year fixed term can be had for right around 3.9 percent APR and Earnest can help you get the best deal that is available to you. The sooner you give Earnest a call the sooner you can begin moving into your home and making it feel like home—like no one else can!

Earnest can help with your mortgage in Crisfield

Luxury living is possible with a mortgage that Earnest can help you secure

Okay, so you found the home that you've always wanted? Congratulations! Now it's time to secure your mortgage so you can get one step closer to owning the home that you're so excited about moving into! Is this your first time buying a home? There's no reason to fear or fret; Earnest is here to take care of you and make sure that you get the house you desire at the mortgage rate that you need! Earnest knows the information that you need to provide to make sure you get any discounts that you may qualify for! If you're looking into refinancing then Earnest is still the company for the job. Whether you're trying to free up some money for a college fund or some major renovations, Earnest is here to help! Earnest can help make sure you get the biggest sum of money to help fund your next adventure—whatever it may be!

Common Questions About Crisfield 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.