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A Garrett Park home within your budget

If you're looking for a beautiful place to live with a vibrant community, look no further than Garrett Park. There's something here for everyone--and with plenty of public events, you'll never get bored. Make a smart career move, raise your family, or relax a little in this small town. Mortgage rates are reasonably low in the area, but are predicted to rise in the next several years. Find your perfect home while it's still within your budget.

Find what you're looking for in Garrett Park

Accessible commuter suburb with lots to offer

Garrett Park is a city of diverse architecture. You'll find beautiful, multistory Victorian homes, affordable Colonial houses, and lavish condos—there's something to suit everyone's lifestyle and budget. No matter where you live, you'll be sure to enjoy a low rate of crime and a wide range of amenities. Garrett Park is the perfect suburb for commuters, with easy access to public transport. The average household income in Garrett Park is much higher than the Maryland average, and with that comes an inflated cost of living. Fortunately, the median sales price of homes in the area is a reasonable $212,500. With mortgage rates rising across the country, now is the perfect time to settle into your new home.

Buying and refinancing are easy

Get preapproved and search for your Garrett Park dream home

Homebuying and careful planning go hand-in-hand. That's why securing a home loan is one of the most important steps in the process. Your down payment, credit score, and loan purpose are just a few things that factor into your mortgage rate. With Earnest, we help you find your target home price by assisting you in evaluating your financial profile and prioritizing your needs. Get preapproved and start searching today. If you already own a beautiful property in Garrett Park, we can help you refinance your mortgage. No matter what the reason, we'll help you decide which options are the best for you. Make your money work harder for you with a little help from Earnest.

Common Questions About Garrett Park 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.