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Become a homeowner with an Essex mortgage

In Essex, it's easy to come across a home that will rise in value. Now is the perfect time to invest in your dream home with Earnest. In Essex, you'll be in the heart of a small town right on the water, with the city of Baltimore just a short drive away. Whether you are buying a starter home on a quiet street or a luxury apartment with a waterfront view, Essex will accommodate all of your wants and needs for your new home.

Properties that won't break the bank

Beautiful homes at affordable prices in Essex

With houses ranging from just $50,000 up to $3,000,000, Essex has something for everyone. This quaint waterfront town takes pride in its history and heritage. From historic houses, castles, and gardens to amusement parks and zoos, Essex offers a variety of entertainment options for families and singles alike. Let Earnest help you find your dream home today.

Essex has the mortgage for you

Simplify your homebuying experience with Earnest

If you're looking to purchase your first home in a family-friendly area full of history, Essex is the perfect location for you. At Earnest, we know that it can be stressful to begin your search for your dream home and figure out how to pay for it. That's why we strive to find you the mortgage you want as quickly as possible. And if you already own a home in Essex and want to refinance, we can help with that too. You can rely on Earnest for all your home loan needs.

Common Questions About Essex 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.