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Mortgage rates to help you forge a future in Fork

Fork mortgage rates are hovering at reasonable levels, making it an affordable possibility to become a homeowner in this quiet, quaint community. Surrounded by breathtaking scenery and a diverse range of educational and recreational opportunities, Fork is a fantastic place to set up your new home base. Whether you're looking to raise a family or simply retire in peace, the Baltimore County area can offer something to everyone.

Fork focuses on culture

The perfect mix of close community and diverse opportunity

Located in coastal Maryland, Fork is a beautiful natural destination. But this community has more to offer than just serene nature. Surrounded by educational and recreational opportunities that appeal to a variety of tastes, Fork mixes a small town feel with a rich diversity of nearby cultural experiences. Baltimore County is home to a multitude of art and history museums, golf courses, natural parks, unique shopping experiences, and sophisticated wineries. Farmer's markets and community events draw locals together. Whether you're looking for adventure or relaxation, Fork is sure to satisfy.

Fork's finest home loan

Low rates and a simple process make for fantastic experiences

Looking to buy a new home? Fork attracts people looking for small town values and cultural diversity. The first step to making your Maryland life a reality is securing a home loan; mortgage rates in the Fork area are currently hovering just below 4 percent but can be influenced by a variety of factors. We encourage you to check with your realtor about any discounts you may be eligible for. When you're preapproved for a loan and are ready to start this new chapter of your life, Earnest can help make the process as painless as possible. If you're looking to refinance your current home and are already familiar with the steps you need to take, Earnest can help simplify things even further so that you can free up money for whatever activities and projects you’ve had your eye one.

Common Questions About Fork 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.