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Mortgage rates in Grantsville you shouldn't ignore

Grantsville is not only a great place to live but also a very affordable and lucrative place to invest in. It may have a smaller population but don't let that fool you; there's still plenty of attractions and many different types of homes in and around this lovely town. Grantsville homes continue to soar in value over the years. In fact, they've increased by over $80,000 in value just since 2000 with no signs of it slowing down. People move here for the safety, comfort, and affordability.

Affordability has a new meaning in Grantsville

Buying a home has never been more manageable

Grantsville has something to please everyone. Scenic views, a serene atmosphere, and a great town center make Grantsville the perfect community for families looking for a safe community or retirees looking for a quiet town. If you want to take a day trip to go skiing at Wisp Resort or spend a day at the great museums in Pittsburgh, both attractions are an easy drive from Grantsville. With the median home sale price sitting at $158,400, Grantsville won't stay this affordable for much longer. Take advantage of these low prices and mortgage rates to unlock your Grantsville home. Make sure you compare local property taxes and what other nearby homes sell for before making any offers. It's also great living here for the work that's both in town and nearby. Most residents have a commute time of fewer than 30 minutes.

The right Grantsville home loan for your needs

An application and rates that simplifying homebuying

The various in and outs of obtaining mortgage should not stand as an obstacle to buying a house. While a lot can affect your mortgage rates, such as credit score, ZIP code, loan purpose, loan amount, etc., don't feel like you have to do this all on your own. Firstly, talk to your realtor to find out any discounts you might be eligible for. Then, look to Earnest to help you with your home loan. Once you've been preapproved for a mortgage, you can begin your home search knowing Earnest has your back. The research that goes into refinancing isn't too different from when you initially obtained your mortgage. Refinancing helps homeowners make more of their money available for big, upcoming purchases. Talk to Earnest about how you can change your mortgage terms to save you as much as possible.

Common Questions About Grantsville 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.