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Become a homeowner with a Glenwood mortgage

Now is the best time to purchase a home in Glenwood, Maryland. Although homes in Glenwood are above the national average, this small town is worth every penny. Each resident of Glenwood gets the small town feel, while also being within close proximity to entertainment, restaurants, hiking, history museums, and much more amenities. Glenwood has something to offer all potential buyers. Find your home loan today!

Find easy mortgage rates in Glenwood

Start here with a new home

While the median value of a home in Glenwood ia $734,400, Glenwood home values have increased by 4.7 percent just since last year. They are expected to increase another 2.6 percent within the next year with no signs of slowing down. Low crime rates and a steady economy make Glenwood a town filled with safety and held together by stability and affordability. Don't miss out on the opportunity to invest in your dream home.

An easy and simple mortgage process

Find your home in Glenwood today

If you're searching for your first home or a place to retire in a peaceful, quiet community, Glenwood is the place you've been looking for. Earnest is your first step to making sure that your dream home becomes a reality. Begin your search here with our simple, easy-to-use loan calculator to better determine your eligibility amount. Be sure to communicate with your realtor and double check for any discounts or special offers that you may qualify for. Earnest can help you purchase that perfect home while still helping you stay within your decided budget. If you've been looking into refinancing then we can help you out there as well. Refinancing is a great thing that can help free up some money as you approach retirement. Your home is worth a lot of money and there's no reason to just sit on it.

Common Questions About Glenwood 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.