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The best mortgage for you is available in Dundalk

Dundalk housing is affordable for families and singles! Now's the time to purchase your home in Dundalk! the market is neither a buyer or sellers market, although the price of homes is expected to increase by 2.2% according to Zillow. You can find your mortgage loan with the calculator provided by Earnest. Factors which go into this calculation include interest, principal, property taxes and insurance. Earnest makes this number easy to find!

Your mortgage rate is an easy find with Earnest

Dundalk is waiting for you to find your new home

The home you've always wanted is in Dundalk! Whether you are looking for a classic brick house or a larger home with land, there's something in Dundalk for you! The current median listing for homes in Dundalk is $130,000, which is a very affordable amount for single family homes and housing for singles. This number is much smaller than the median pricing in nearby cities. Now is when you should purchase your new home in Dundalk! Begin your search with Earnest today!

Dundalk has the mortgage loan for you

Earnest takes the stress out of finding your mortgage rate

Earnest can help your find your loan rate easy and accessible. They can help regardless of whether you are a new homeowner or are looking to refinance your home. You may choose to refinance your home and switch from a 15 year mortgage to a 30 year one so that you will not need to spend so much on your home each month. Factors that are calculated into finding this loan are the zip code of your new location, your credit score, the down payment of the home and the amount you are interested in finding. Enter these numbers into the Earnest calculator and you will find your rate!

Common Questions About Dundalk 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.