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Mortgage rate options for Dowell

For a 30-year fixed rate mortgage with a 20 percent downpayment has rates ranging from 4 to 4.3 percent. A 20 year fixed rate has rates hovering between 3.7 and 4.1 percent, and a 15-year fixed rate has rates in between 3.1 and 3.4 percent. It's important to consult with experts before choosing what rate is best for you.

Dowell: A deeper look

Getting cozy with this community

Dowell is an ideal place to raise a family. It is part of the Calvert County Public School District, which has 13 elementary schools, 20 middle schools, and 6 high schools. There are currently 180 students enrolled throughout the Public School District. Dowell also offers private schooling 6 elementary schools, 6 middle schools and one high school. Approximately 840 students are enrolled in private school. The median home income in Dowell is $64,309. There are 36 hospitals within 60 miles, and 14 doctors within city limits. Residents of Dowell spend 8.5 percent less than the national average on health care related goods and services.

Finding the best mortgage rate in Dowell

Earnest makes getting a home loan simple

Before you can step in the front door of your new Dowell home, you'll need to secure a home loan. Your mortgage rate will depend on such factors as credit score, the ZIP code of your target neighborhood, down payment, purchase price, and reason for the loan. Be sure to talk with your realtor to see if you quality for any special rates or discounts (such as veterans' rates) before choosing your mortgage rate. Looking to refinance? Refinancing is a great way to free up funds for other important things such as renovations, major repairs, and college tuition. Whatever your refinancing plans, Earnest is here to help, allowing you to easily find out how much you can save. Time for a sigh of relief?

Common Questions About Dowell 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.