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Homebuying made easy with Earnest

Mortgage rates in East New Market are steady at 3.8 percent for a 20 or 30-year fixed rate. Due to it being a mix between rural and urban, East New Market offers a variety of homes, plots of land, and scenery for almost every possible home/landscape possibility. With Earnest discovering all your options and what's available to you, is their number one goal. Your dream home is their priority.

Dreams do come true with Earnest

Your dream is in East New Market

East New Market has a median household income of 100,208, which is higher than the national average. The residents are made up of 97 percent high school graduates, 52 percent have a Bachelor's Degree, and their ages range from newborn to 80's, but the most common age is 35-44. In addition, demographically: East New Market is 86 percent White, 5 percent Hispanic, 5 percent Asian, 2 percent Black, and 3 percent Other. Lastly, East New Market ranks high in terms of health in Maryland: 3rd/24 counties for health outcomes (life expectancy), 3rd/24 counties for health factors (clinical care, social economic and physical environment), and 4th/24 counties for healthy behaviors (diet and exercise).

Homebuying made painless with Earnest

Homebuying doesn't have to be complicated

When you're buying a home, you're also buying generations of memories, traditions, and a community. Earnest walks you through the homebuying process to ensure your home is the perfect family gathering spot.

Common Questions About East New Market 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.