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Easy and affordable mortgage rates

Much like the rest of America, Harwood mortgage rates are extremely low right now. Low property taxes combined with low mortgage rates means that there has never been a better time to buy in Harwood. Whether you're looking for a new home, historic home, or plot of land to build a home, Harwood is the place for you.

Make a worthy investment in Harwood

A safe community in a great town

With a wide variety of properties, Harwood is sure to please any buyer. Whether you want to build your home on acres of land or buy a family home in one of the delightful local neighborhoods, Harwood can offer you a great deal. With the median sales price of a Harwood property at $386,000 at the end of October 2016, Harwood homes have never been more manageable to buy. And, the 95 percent homeowner rate proves that a Harwood home is truly a worthy and popular investment. And, with great local schools and a low crime rate, parents can feel comfortable raising their children in Harwood.

Picture your Harwood residence

A home loan process that keeps homebuying exciting

There are so many ins-and-outs to the world of homebuying. Namely, mortgages. When trying to obtain a mortgage, a lot can affect your rates. ZIP code, loan purpose, loan amount, credit score, and much more can increase or decrease your mortgage rates. Make sure you do some research and discuss with your realtor how your information can affect your rates. Personal research is important to ensure your rates are as fair as possible. Once you're preapproved for a mortgage, you're one step closer to move-in. While it can seem confusing, refinancing is a really helpful tool for homeowners who need a bit more money available for upcoming, large purchases. The research process is difficult when purchasing a mortgage. However if you want to change your mortgage terms, Earnest is here to help make a plan to save you as much money as possible.

Common Questions About Harwood 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.