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Mortgage rates to help you buy a Fort Howard home

Fort Howard mortgage rates are hovering at reasonable levels, making the possibility of becoming a homeowner in this historic community affordable. Surrounded by breathtaking coastal scenery and home to a diverse range of educational and recreational opportunities, Fort Howard is an intriguing place to call your new home. No matter your tastes, the Baltimore County area can offer something to everyone.

A close community with an eye on history

Small town feel and historical relevance

Fort Howard is a small coastal community located in Baltimore County, Maryland. Home to the site of a British Army landing during the War of 1812, Fort Howard Park, this town has been shaped by a rich history. While landmarks like the Todd Family Farmhouse, the place of the first deed in Baltimore County, attract tourists, one of the biggest draws of Fort Howard is the tight-knit, small town community. Bursting with recreational and educational opportunities, Baltimore County combines the best of close communities and diverse cultural offerings. Whether you're looking to raise a family or find relaxation and adventure in your retirement, Fort Howard has something to offer everyone.

A loan with a history of success

A simple process and low rates make for positivity all around

To enjoy Fort Howard’s historic charms, take advantage of Earnest's history of helping homebuyers simplify homeownership. The first step to making your Maryland life a reality is securing a home loan. Mortgage rates in the Fort Howard 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 discounts you may be eligible for. When the time comes to start building your new history, Earnest is ready to help. If you're refinancing your current home and already know the process, Earnest can simplify things further so you can quickly free up funds for activities and projects you’ve been thinking about.

Common Questions About Fort Howard 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.