Alert Message

Crownsville mortgage rates you can afford

Okay, so you found the home you spent so much time looking for? Great! Now let's get the mortgage all finished up so you can move in! According to Bankrate, rates for 30-year fixed mortgages usually stay right at 4 percent APR in Crownsville--and with home values constantly increasing, there's never been a better time to move. We've got a calculator for you to plug your information into so that you can take the first steps in seeing what works best for your finances.

Find the mortgage you need to buy in Crownsville

Your search for the perfect home is finally over

According to Zillow, median home values are expected to continue to grow in value, which makes now the perfect time to buy a new home in Crownsville. It's also a wise time to invest in your future because you're likely to see your home continue to rise in value for years to come. This will not only be good for your future, but also your family's. Crownsville is a city surrounded by beauty, all ready for you to move in and start making some memories. It's a great spot for you to plant roots and create a secure foundation for you, your family, and your finances.

The house you'll show off is in Crownsville

Don't let the best mortgage you'll get slip through your fingers

Whether this is your very first home or the home you wish you owned before, the first step is getting your loan secured and taken care of. There are so many different aspects of your life that can impact your mortgage, so it's crucial to ask all the important questions and take everything into consideration. You'll be better off as a result, and it could even lead to some potential discounts that you may qualify for. Earnest is the absolute best when it comes to assisting first-time homebuyers; not only can we ensure your mortgage and home meet all your needs, but we can also help you meet your financial goals in the process. Once you're approved and work out all the details, you can begin making your newly purchased house feel just like home.

Common Questions About Crownsville 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.