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Huntingtown mortgage rates that are hard to ignore

Right now the country's real estate market is more buyer-friendly than ever. With mortgage rates at all-time lows, now is definitely the time to make an investment in your future. Huntingtown offers a wide range of new and traditional homes for families in a neighborhood with public schools that will help your children flourish. Look to Earnest to help you find your new family home.

Your best investment is in Huntingtown

New and old homes mean there's something for every family

Huntingtown is host to a variety of single-family homes. Whether you are looking for a populous neighborhood development or a secluded home surrounded by forest, Huntingtown has it. Compare prices and property taxes with other Huntingtown homes to find the perfect place for you. With a median sale price of $425,000, and a prospective increase in home values over the next year, now is the right time to buy a Huntingtown home. With nearby schools at all levels, close proximity to Washington, D.C., and a short drive to Maryland's coast, Huntingtown is worth your investment.

The best home loan for a Huntingtown home

Make your homebuying process simple and seamless

When seeking a mortgage rate, a lot of factors determine what you will pay. The ZIP code, loan purpose, purchase amount, and other factors can affect your rate. When talking to your realtor, make sure to inquire about available discounts on your mortgage. Once you've done your research and applied for preapproval, you're only a few steps away from purchasing your Huntingtown home. Researching Huntingtown mortgage rates for refinancing isn't too different from finding purchase rates. Refinancing is a great option for a variety of reasons, especially if you need to make some more cash available for life's other big moments, such as college tuition. Let us help you find the right rates to plan for your refinance.

Common Questions About Huntingtown 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.