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Fair mortgage rates and great deals on houses

Trulia reports the median sales price of a home in Funkstown as $97,500--so even with mortgage rates slowly creeping up in the area, now is still a great time to buy. The cost of living in the area is slightly lower than the Maryland average, making this a fantastic, budget-friendly destination. And with many restaurants, bars, and shops, amenities are at your fingertips. Come experience the allure of this historic city for yourself.

Small-town lifestyle with historic housing

Houses you'll love in a place you'll never want to leave

Homebuying is more than searching for a home within your budget. You have to consider the area you'd be living in and what it has to offer. Funkstown checks all the boxes of a welcoming community. If you're searching for a family-friendly atmosphere with plenty to do, this is your place. Funkstown's neighborhoods are beautiful, with nearby amenities and close proximity to larger cities. With a median sales price below $100,000, buying a home in Funkstown is more affordable than many other places in the state. Buy or build in Funkstown; you have plenty of options for both. Purchase a beautiful restored home with historic flair, or build a modern stunner on your own plot of land. No matter what option you choose, Earnest will help you get what you want.

Great Funkstown rates

Buy or refinance with help from Earnest

Investing in your future begins with obtaining a home loan. It's important that you educate yourself on mortgage rates in your selected ZIP code, along with potential discounts you might qualify for, and how your credit score will affect your opportunities. Discuss any questions or concerns you might have with your realtor, then let us help you figure out the best way to use your assets to your advantage. If you're looking to open up some of your home's value to pay for a large purchase or renovate your property, refinancing might be for you. Earnest can help you maximize your cashflow while saving on loan payments overtime, offering expert advice on how to extend your mortgage or save by switching to an ARM or fixed rate. With the right technology and a trusted team, there's nothing stopping you from finding the perfect home In Funkstown.

Common Questions About Funkstown 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.