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Edgewood mortgages make homeowning easy

Edgewater is the affordable and safe area you've been looking for. With views and homes that you can only dream of, now is the time to buy. Mortgage rates are at all-time lows, so don't hesitate to look for your dream home in Edgewater. The area's strong economy and affordable housing market make Edgewater appealing to all potential buyers.

Properties are wallet-friendly in Edgewater

Come home each day to your beautiful new neighborhood

Edgewater has all the amenities you want along with the peace and quiet you deserve. Edgewater is affordable in spite of its prime location near the water. Your family will thank you for the opportunity to stroll along the beach or play in the sand. In 2013, the median household income in Edgewater was $13,387 more than the Maryland state average of $86,230, according to city-data. This data reflects that the area's economy is stable and on the rise. Now is the perfect time to establish a life in Edgewater. You know you want to live by the beach, so why wait? Check out properties now.

Finance your Edgewater home today

Mortgage rates make living in your dream town affordable

Whether you're a first-time homebuyer or looking to refinance your current mortgage, Earnest is here to help you. Both processes are very similar, so you can rely on us to help you get the mortgage rate you deserve. Don't worry about going over-budget; we're here to keep the numbers down. If you want to refinance your mortgage, Earnest can help you increase your term so you can finally afford the projects you've been waiting to start. Regardless of your situation, say good-bye to negative mortgage experiences with Earnest. Start preparing your move to Edgewater today.

Common Questions About Edgewater 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.