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Mortgage rates in Linthicum Heights

Linthicum Heights, Maryland mortgage rates are lower than average, making right now the opportunity of a lifetime to consider purchasing your dream home. With a plethora of types of homes and apartments waiting for a family like you–Linthicum Heights, Maryland has something for everyone! Embrace the beauty of nature and life in Linthicum Heights, Maryland.

Linthicum Heights homes are filled with value

Beautiful homes made affordable

Linthicum Heights is currently offering an immense amount of beautiful homes. Many of these properties come with a large backyard and some breathtaking views. The homes in Linthicum, according to Zillow, range from lots of land at $138,000 to homes in the bracket of $1.5 million. Per Trulia, the median sales price of the entire city is $269,900 with a median rent per month of $1,795. With market trends in consideration, the median sales price has dropped over 4 percent over the past year and there has been a rise of 6 percent in the median rent per month. The city offers a decent school system for the children ranging from elementary school to middle school. It’s important to note that the crime statistics in Linthicum Heights are higher than average–as always, be smart and pay attention to the neighborhood you decide on.

Trust the dream maker

Earnest can make your Linthicum Heights dreams come true

Today is the perfect day to refinance or buy a new home. With a decreasing mortgage rate and fair home prices. Don't risk the market switching to favor the seller. Consult with an someone who understands the market, the industry and the flows. While this can be confusing, Earnest is here to help you dissect the information and provide you with the best possible experience. Whether you are buying a new home or refinancing your current home, Earnest can help find you your best rate.

Common Questions About Linthicum Heights 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.