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Buying a house doesn't have to be difficult

Marion Station is a quiet area perfect for singles, couples, families and even investors interested in the housing market. Properties are available in a wide range of prices, and consequently affordable mortgages. This tranquil area is perfect for anyone looking to settle down. Don't hesitate, Marion Station is place we all want to be.

Marion Station and budget-friendly mortgages

Here's what you need to know about buying in Marion Station

Buying a house can be difficult. There are so many consideration when thinking about location, rates and your future. Marion Station can be your answer. The median listing price is $85,000 with room for discussion. Checking for the median price, states that you could be paying from as little as $410 a month on a 30-year plan. With multiple mortgage options available to you, Marion Station has never looked like an easier place to buy a house in.

Live easy with a mortgage in Marion Station

All of the different varieties will suit your personal needs

Your mortgage depends on multiple factors including location, size of property and most importantly, the price. Luckily in Marion Station, you can find appealing and hassle-free mortgage options.The fees are relatively low with payments of the median only going up to $431 a month, with rates from 4.1 percent APR to 4.6 percent APR. Looking at a one year ARM, that comes to a 3.928 percent rate with a $358 a month payment. Some properties in the area are listed at incredibly low prices such as $13,500. This property on a 30-year plan would give you a higher rate but only a payment of $65/66 a month which is hard to complain against. Earnest can help navigate all of these options to find the right deal for your needs.

Common Questions About Marion Station 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.