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Love your Lusby mortgage rate

Are you considering purchasing property in Maryland? Look no further than Lusby, where the low mortgage rates mean there's never been a better time to settle in. Whether you're looking for somewhere to retire, just beginning your career, or seeking a nest for your growing family, Lusby has home options for everyone. Our easy-to-use calculator can assist you in determining your target price range and put all your financial concerns to bed.

Lusby is in your price range

Houses or condos, there’s something for you

With a variety of housing options--some overlooking the water, and others shaded by lively trees--you'll truly be living in a dream in Lusby. Whether you wish to be close to shopping centers or local parks, be sure to collect information on property taxes and homes that were recently sold. According to Zillow, home values in the area have risen over 2 percent, making the median home value $219,300. With Lusby being a small town, it’s the perfect place to become a part of a small community and get to know your neighbors on a personal level. Lusby is a car-dependent town, so be sure to take this into account during your house shopping process and when deciding on the location of your new home.

A home loan that fits you in Lusby

Home loans to suit your financial needs

Buying a first home, an investment property, or a place to retire is a two-step process. Before you “sign on the line,” you must first secure a loan. Understanding the factors that affect mortgage rates, such as the ZIP code and down payment, is an integral part of the loan process. Before you commit to anything, be sure to ask your realtor if you qualify for a special rate or discount. After you've asked the right questions and considered all of your options, it’s time to begin searching for the home of your dreams. In Lusby the research process for refinancing your mortgage is similar to that of buying a home. Homeowners wishing to free up cash for other investments can benefit from a number of refinancing options that suit their particular needs. You may have a variety of factors that make your financial situation unique, but we are experts at identifying the right refinancing options for every circumstance, saving you time and money.

Common Questions About Lusby 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.