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Make your Henderson homeownership dreams come true

Henderson, Maryland is a town of true opportunity. Opportunities to create the perfect home for you and the kind of life you want for you and your family. With a wide range of different types of homes just waiting to be fixed up or expanded, Henderson is perfect for a family looking for a small and quaint town where they can settle down and be comfortable. With all this choice and mortgage rates lower than average, now is time to take advantage of these low rates.

Make Henderson your next home sweet home

Let Earnest help you figure out what you can afford

According to Trulia, Caroline County’s median sales price in Henderson, Maryland is $136,900 and a review of Zillow indicates that the town has numerous types of homes under foreclosure and vacancy. The benefit is that with low mortgage rates and housing prices, one can truly capitalize on this. Here, families can find homes for as low as $35,000 and as high as $649,000. Homes they can improve, make their own and where they can live exactly as they wish. Next to the beautiful town of Henderson, one will find popular cities such as Churchill, Centerville, and Washington D.C., all within an hour and a half drive. All the delicious restaurants, best schools, and work environments are all within a small commute. After a tasty meal or busy workday, Henderson allows for safety and quiet living quarters.

The right home loan for you in Henderson

Your new home is one application away with Earnest

When it comes down to refinancing or purchasing a new home for the first time, it's easy to be put off by the complicated applications, overwhelming amount of information and seemingly endless decisions you are called upon to make. Make things easier on yourself by ensuring you go with the right team. Maybe you want to refinance instead. Refinancing can free up cash for major expenses such as tuition or home improvements. Whether you're interested in changing your term from 15 to 30-years or switch from ARM to fixed or vice versa, Earnest has the knowledge and process that will find the best option for you. There is a reason why so many people pick Earnest—now it’s your turn!

Common Questions About Henderson 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.