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Now's your chance to own a Emmitsburg home

Emmitsburg mortgages are at low rates and the houses can become yours for low and affordable prices! The market is largely stable in the Emmitsburg area and home values continue to increase. The growth is expected to continue, so it's best to buy now rather than later so you can experience that growth in value.

Earnest can help you move

Emmitsburg mortgages are easy to get

It's not only safe to buy a home in Emmitsburg but it's also a great investment opportunity. Zillow reports that Emmitsburg has seen home values increase by 0.8 percent in the last year and they expect home values to increase by an additional 1.8 percent within the following year. The housing market in Emmitsburg has stabilized a lot and experienced a lot of consistent growth. Mortgage rates are incredible in Emmitsburg. Bankrate reports that mortgage rates are currently as low as 3.8 percent for 30-year fixed mortgages. Prices are low on many beautiful homes in Emmitsburg and so now is a great time to invest in the last home you'll ever need to buy. As home values continue to increase in value, you'll experience growth on your investment for years to come!

Earnest can help you with your mortgage

Emmitsburg mortgages can unlock the door to your beautiful a home

Buying a home for the first time can be very stressful, but with the help of Earnest you'll be able to finish this process painlessly and quickly! Before you know it, you'll be moving into the home you've been thinking about moving into since you first saw it. Earnest is great at getting you the best rate you qualify for while also keeping you within your planned budget. They're also great at helping with refinancing if that's ever something you're interested in. After you retire, it can be nice to free up some money for extravagant vacations, paying for college, or to do some home renovations.

Common Questions About Emmitsburg 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.