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Become a homeowner with a Dunkirk mortgage

As mortgage rates drop all over the US, home values continue to increase. Dunkirk is no exception to this rule. With Dunkirk home values on the rise, and a price per square foot below the Washington Metro average, now is the time to find your dream home in this gorgeous town. With a variety of houses to choose from, you can secure your dream home in Dunkirk more easily than ever.

Find easy mortgage rates in Dunkirk

Start here with a new home

As of 2014, the median home value in Dunkirk is $420,800. This price has risen by 1.6 percent in the last year, and is expected to rise another 2.2 percent in the next year. While the median price for a home in Dunkirk is $480,740, this number is slightly below the Washington Metro average of price per foot by nearly $65. This richly historical community, nestled between two bodies of water, is a perfect place for nature and history lovers to settle down and call home, making the price well worth it. Earnest will help you to find the payment plan that is right for you to make this dream a reality.

Dunkirk has the mortgage loan for you

Find your loan with Earnest, today

So many factors must be taken into account while purchasing a home and applying for a mortgage loan. The list of things to do and research can seem overwhelming and intimidating. It is your home and future, after all. To make this process easier for yourself, Earnest encourages you to speak with your realtor concerning any discounts or special offers that you may be eligible for. Earnest understands how stressful the homebuying process can be, and so is happy to assist you every step of the way. Find out what you're eligible for today by giving our easy-to-use loan calculator a try.

Common Questions About Dunkirk 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.