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Affordable mortgage rates in Darlington

With mortgage rates dropping across the U.S., Darlington has a home for you. Filled with an area of commuters, history lovers, nature enthusiasts, families and singles, Darlington has many amenities within a short commute. Act fast and start your investment today. Give our easy-to-use loan calculator designed just for you to help make this process simple and efficient.

Prepare to call Darlington your new home

This town may be small, but you will love this tight-knit community

In Darlington, despite the town itself being small, there is something for every buyer here. Buying a home in Darlington is investing in your own slice of history in the nationally listed historic town. Don't let this small town slip away, this quaint area is a location that you can't pass up. Find your dream home with a mortgage within your budget today.

A perfect home loan for you

Start your homebuying in Darlington

After you have found your dream home, the next step is to apply for a mortgage loan in order to be aware of your budget. A lot goes into becoming a homeowner. Your mortgage rate is based on off of your current income, ZIP code, credit score, down payment, etc. This list can be intimidating while on the verge of purchasing your dream home. Here at Earnest, we know how stressful that can be, so we encourage you to speak with your realtor regarding any discounts or special discounts that may be available for you throughout this process. You may also be looking into refinancing which is also something we can help with. No matter what you're doing with your home in Darlington, Earnest has got you covered!

Common Questions About Darlington 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.