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Mortgage rates are low and within reach in Keymar

There's a lot to experience in not only Keymar and its surrounding areas but also Maryland as a whole. Start with buying a home! There are many benefits to owning a home and one of them is absolutely the growth you'll experience from your investment. Maryland has been seeing median home values increase for years, and it's not showing any signs of slowing down. Combine that with the affordable homes and low mortgage rates, and you're left with only one question. What are you waiting for?

The homebuying experience of your dreams

Keymar homebuying isn't difficult

It's a great time to purchase your home in Keymar and secure an investment that your family will thank you for decades from now. Mortgage rates are extremely low and affordable in Keymar right now and given how low home prices are, you couldn't ask for a better time to buy! Bankrate reports that mortgage rates are currently as low as 3.9 percent and that's with only a 20 percent down payment on a 30-year fixed mortgage. The rates can get even better depending on your credit score, down payment, and many other factors. Earnest can help you get the best rate that you qualify for! Zillow reports that Maryland's median home values increased by 4.3 percent in the last year and they project an additional 2.3 percent in growth by next year. Secure your investment in Keymar today and begin reaping the benefits of homeownership!

Your personalized home loan process

Homebuying and refinancing in Keymar doesn't have to be stressful

If this is your first time in the market for a home, you don't have to do it alone. With the experts at Earnest on your team it does not matter if you are buying a home with your friends, your family, or if you are embarking on the journey alone! Either way, you don't have to figure it all out by yourself. Earnest is dedicated to making sure homeownership is both easy and painless. If you're looking into your refinancing options, then we can help with that as well! Whether you're buying or refinancing, Earnest has your back and can help you secure your future!

Common Questions About Keymar 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.