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See what deals are available to you right now

Now is an excellent time to obtain a mortgage for your Fort Washington property. Mortgage rates are dropping here as they are across the country, and Fort Washington's wide selection of condos and homes can cater to any budget.

See which homes fit your budget

This diverse community welcomes you. Find your next home here.

Whether you're looking for a quiet retirement paradise or hoping to settle down with your family, Fort Washington has something to accommodate everyone. This suburban community is just a stone's throw across the Potomac from Washington, D.C. With the median price of a home here listed at $285,000, now is a great time to invest in property in Fort Washington. With amenities like gyms, grocery stores, and dry cleaning all within a short commuting distance from anywhere in town, along with a history of low crime rates in the community, you won't want to miss out on local real estate deals.

There's something affordable for everyone

Don't sleep on deals in Fort Washington

First home? Your retirement destination? No matter the reason you're moving to Fort Washington, you'll find both the home you are looking for and the loan you need. Many factors contribute to your mortgage rate, including credit scores, the purpose of the loan, the cost of the house, and the down payment you can manage. Ask your realtors if you qualify for any loan discounts based on your unique situation. Looking to refinance your mortgage on a Fort Washington home? The process is pretty familiar if you've bought a home before. Whether you need to switch the terms of your current agreement from fixed to ARM or change your loan duration, Earnest is your go-to resource to identify the best options available to you. You might even save a little while you're at it!

Common Questions About Fort Washington 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.