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Buying a home in Earleville is simple

Mortgage rates continue to decline nationwide, and now more than ever before, it's time for new homeowners to learn how to take advantage of these opportunities. The Earleville market has most recently been known for their low mortage rates, allowing a slew of people to flock to the area. While rural and small in population, Earleville has something to offer for families from all walks life of life. It's a great place to live and invest in your future!

Your dream home is waiting for you

Purchasing a home in Earleville just got easier

Earleville has options available for anyone looking to own a home. While Earleville offers a scenic landscape, it is not a place for families who are not accustomed to living in a town not surrounded by businesses. A family of four in Earleville has the potential to be able to live very feasibly in the Earleville area because of the lower interest rates and home prices. According to Bankrate, mortgage rates are available for as low as 3.5 percent and that's with only a 20 percent down payment. Earnest can work with you to help you get the best rate that you qualify for!

The home loan you're looking for is in Earleville

Homebuying should never be a financial burden

It can be very stressful buying a home for the first time, but there's no reason to worry. Earnest can help you through every step of the process to make sure you get the best deal available to you. We will go through the checklist to make sure you get every discount that you qualify for, while also making sure that you stay within the budget you provide to us. There's really no reason to worry. We'll take care of everything! If you've been considering refinancing, then we'd be happy to help with that as well! Earnest specializes in both assisting people in purchasing homes and also in helping with refinancing. With Earnest's help, before you know it, you'll be back to living life instead of worrying about mortgages or refinance options!

Common Questions About Earleville 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.