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Luxury waits for you in Grasonville

Now is the perfect time to invest in your first property or even your next piece of property in Grasonville! According to Zillow, home values are on the rise and they expect them to keep growing making a home in Grasonville a wise investment at an affordable price! You can already project growth for your home, which is good news for you and your family. Grasonville homes have already risen 3.2 percent in just the last year and they're expected to grow another 2.4 percent in the following year.

Your next home awaits you in Grasonville

With mortgage rates this great, what are you waiting for

There has never really been a better time to invest in your future and finances in Grasonville. A home purchase in Grasonville would be a great investment for not only yourself but also your family for generations to come. According to Bankrate, mortgage rates are lingering right around 4 percent for a 30-year fixed APR or just above 3 percent for a 15-year fixed rate if that's your preferred option. Whichever route you choose, Grasonville homes have already increased greatly in value just in the last year and are a smart investment. You'll not only enjoy your home but you'll also see it increase in value greatly within a few years of your purchase. Purchasing a home in Grasonville is not only safe but also a smart investment in your future—and your family for generations to come.

A mortgage in Grasonville unlocks beautiful doors

Earnest can help you get the mortgage you need to purchase your home

Is this your first time purchasing a home or are you looking for an additional home away from home? Either way, Earnest can help you secure the mortgage you need to purchase the home that you've been searching for! With plenty of homes to choose from it can seem very overwhelming, but Earnest can help you narrow your search down to best fit your housing needs and stay within your budget. If you're doing research on potentially refinancing your home then Earnest can help with that as well! Before you know it, you'll be using the additional cash to fund your next big adventure—whether it's a cruise, renovations, or paying for a loved one's secondary education!

Common Questions About Grasonville 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.