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The right Fallston mortgage rate for you

With a wide variety of single family homes, buying a Fallston home has never come at a better time. With mortgage rates lower than ever, now is the time to take advantage and finally purchase the home you've been dreaming of. Let Earnest help you seize the moment and buy your Fallston home now. We are happy to offer any assistance you may need.

Your future is waiting in Fallston

A prosperous and safe community

Fallston has a wide range of family homes for every type of buyer. From traditional neighborhoods to newer developments, all Fallston homes stand the test of time with their classic design and timeless looks. Shop around to see which Fallston neighborhood suits you and your family, and we'll help you find the right home in it for you. According to Trulia, Fallston homes had a median sales price of $515,000 at the end of October 2016, and these prices are only continuing to rise. Act quickly if you want to buy your dream home in Fallston.

The right home loan for your future in Fallston

Easy applications plus low rates equals successful homebuying

Before starting the homebuying process, every buyer needs to obtain a home loan. This can be a bit of a buzzkill amid all the excitement of finding a home. After taking so much time to find the right neighborhood, home size, and price point, the last thing anyone wants to do is worry about finding a loan at affordable rates. Your ZIP code, loan purpose, loan amount, and more can all affect your mortgage rate, so make sure you understand the process. Earnest is here to help. Refinancing is a similar process to obtaining your first mortgage. Individuals refinance mostly to gain access to a bit more of their money to finance other areas of their life, such as school tuition. Earnest can help you figure out what changes to make to your loan terms to save as much as possible.

Common Questions About Fallston 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.