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Low mortgages and high property values in Helen

Mortgage rates are low and property value is climbing in Helen, a Maryland suburb about an hour outside of Washington, D.C. With unrivaled water access and nearby nature reserves, Helen is the perfect place for those who love the outdoors but don't want to completely sacrifice city living.

Helen homes are the ideal investment

Buy a new home today

With low mortgage rates for refinancing and first-time buyers, now is the time to find your perfect property in Helen. Most rates are under 4 percent, making it easier than ever for you to finance your dream home. Most of the town's homes are single-family, freestanding homes situated on a plot of land allowing for both a front and back yard. The area also has many empty plots available for home development from scratch. This plot could be the perfect opportunity to build a customized home from the ground up for year-round use and also as a seasonal home. With home prices rising throughout the area, it’s the perfect time to invest in property in this rural section of Maryland that is a short drive away from city attractions like schools, public transit, and restaurants.

Rising home values in Helen

Waterfront and inland properties are both great investments

Looking for a Helen home? Waterfront properties and inland properties are both available. The median price for a home in Helen is $191,200 but there is a dramatic difference in price depending on the home's proximity to the water. Regardless of where in Helen the home is located, the value of homes increased 6.2 percent over the past year, making a home here an excellent investment. Let Earnest help you secure your dream home with as little hassle as possible. Using their special system, they will determine your perfect budget to take all of the guesswork out of finding your new home and secure a low interest rate loan for first-time buyers and for those refinancing. Before you know it, you'll be settling in to your dream house.

Common Questions About Helen 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.