Alert Message

Galesville mortgages continue to decrease

Homeownership in Galesville, Maryland is still fairly small due its small size, which makes now the perfect time to invest. Homeownership comes with many benefits, and they're all within your reach with a home in Galesville. Maryland is a great place to live and invest in, and Galesville is no different. Maryland median home values have been increasing values for years, and should continue to do so into next year. Now's a great time secure your investment in Galesville.

See what's truly possible in Galesville

Find what you need in Galesville

Galesville is a small town that is fitting for any family, retiree or individual looking to relocate into a new home. There are many different types of homes, and they all remain affordable and within reach. Zillow reports that median home values have increased by 4.3 percent within the last year and that they are expected to increase by an additional 2.9 percent by next year. Galesville is a great place to live in and invest. Mortgage rates are very low at this time, as well, with Bankrate reporting they're currently as low as 3.9 percent. That low rate is only with a 20 percent down payment, so there's still room for it get even lower. Earnest can help you discover what's truly possible for your rate by looking at your credit score, finances, and the kind of home you envision yourself owning.

Our application is easy and ready for you

If you are looking for a homebuying experience, Earnest is ready to help

There are so many different kinds of homes waiting to be purchased in Galesville, so it's impressive that you finally found the one you want to buy. It can tough deciding a home, but it can be even tougher going through the homebuying process. Earnest is on standby and ready to help. We can help make sure you get the best rate you qualify for, while also helping you stay within your budget. If you've been considering your refinancing options, then we can help with that, as well. Whatever your home needs are, Earnest can help you get them completed so you can get back to enjoying life.

Common Questions About Galesville 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

People around a computer

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.