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Become a homeowner with a Highland mortgage

As mortgage rates continue to plummet, and home values begin to increase, with a 1.5 percent home value increase within the last year, Highland is no exception. Now is the time to purchase your own piece of quaint and calm in Highland. This lovely town is definitely a buyer's market and there's much to be found and plenty to experience. Find your home and get moved in today.

Affordable homes in Highland, Maryland

You're so close to moving into your new home

The median price for a home in Highland is just over $660,000. With that said, it is important to note that in the last year, home values in Highland have increased 1.5 percent and are projected to also increase another 1.8 percent within the next year. Rates are low and purchase prices for the many different types of homes are affordable in Highland. Make a piece of Highland your very own and start experiencing the benefits of being a homeowner today.

A mortgage loan right for you

Find your loan in Highland today

A lot goes into account when purchasing a new home but there's no reason to fuss or stress. Earnest can help you through the entire process. Between finding a location, a home, a realtor, and then searching for the perfect mortgage loan at an affordable price, this is often no easy task. As you are taking the first steps in this process, let us guide you every step of the way to make sure you get the home you've finally found at the best mortgage rate and price available to you. If you've been looking into refinancing your home then we can help you with that as well. There's no reason to worry when you've got Earnest at your side. Whether you're purchasing or refinancing, we'll get you taken care of quickly so you can get back to enjoying your life.

Common Questions About Highland 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.