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Hassle-free mortgages for your new home in Laurel

In a season of low mortgage rates countrywide, now is the best time to look into buying that house you always wanted. The Laurel area has a wide selection of houses, condominiums and apartments for you to explore. So whether you're looking for a sanctuary from the office or a safe place to raise the kids, now is the time to start searching for that perfect place to call home. Use Earnest's easy-to-use calculator to find the mortgage that's right for you.

Discover what you can afford in Laurel

Get ready to join the Laurel community

Laurel appeals to everyone with a wide selection of classic Victorians, colonials, single and multi-family homes, condominiums and townhouses. The median home value in the area is currently $268,900 and has risen over 8 percent in the last year. In fact, according to Zillow, this price is estimated to continue to rise by 4 to 8 percent within the next year.

Finding the perfect home for the perfect price

Earnest makes homebuying simple

With Laurel mortgage rate prices dropping, now is the perfect time to become a homebuyer. The mortgage process can be complicated, with rates depending upon items like credit score, ZIP code, down payment, purchase price, and of course, the purpose of the loan. Thankfully, Earnest makes the process simple. Whether you are looking for an ARM or a fixed rate, we work with you to target your ideal home price by identifying factors like walkability, commuting time, schools, and other priorities all while evaluating your financial profile. Perhaps you're researching Laurel mortgage rates in order to refinance your current mortgage. Maybe you want to start setting aside some of that extra money for college or retirement funds. If that’s the case, good news: Earnest makes it just as simple. From switching from an ARM to a fixed rate, or changing your term, we can help you find the best option for your unique circumstances while also helping you save.

Common Questions About Laurel 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.