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Fulton mortgage rates are low and affordable

As America currently sits in a buyer-friendly market, buying a home has never been so manageable. However, these type of rates won't be around forever, so now is the time act. With a wide array of single family houses or condos/town homes available in Fulton, there is a home for any type of buyer. And, Earnest is here with the assistance and tools to help make your homebuying process easier and faster.

Invest in a Fulton home

In between two major cities and affordable

With a large catalogue of available properties ranging from condos to townhomes to single family houses with big yards, Fulton has something for everyone. Whether you want to live in Maple Lawn, Fulton's newest residential and commercial mixed community, or in one of Fulton's traditional neighborhoods, there is an available home waiting for you! In November 2016, median home prices in Fulton dipped down to $688,000, which is a decrease from past Autumn 2016 months according to Trulia. With great elementary, middle, and high schools all within Fulton, low crime rates, and an impressive town center featuring top-quality stores and restaurants, Fulton is absolutely worth the investment.

The ideal loan for your Fulton home

A simple and affordable home loan process

Most homeowners do not realize how many factors go into determining their mortgage rates. ZIP code, loan purpose, loan amount, credit score, and so on can all increase or decrease how much you pay for your mortgage. Make sure you do your research and discuss with your realtor how your rates can be affected, what your local property taxes will look like, and if you are eligible for any discounts. Once you are preapproved for a mortgage, the next step is moving into your dream home! When doing research for refinancing your home, the process is similar to when you initially obtained your mortgage. While it may all seem confusing, refinancing is really a helpful tool for freeing up some of your money for upcoming large purchases. So, talk to Earnest today to see how you can best change your mortgage terms to save you as much as possible.

Common Questions About Fulton 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.