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Millersville mortgages won't break the bank

The average mortgage rates for homes in Millersville are between 2 percent and 3 percent on multi-year agreements. Now is an excellent time for those considering purchasing property. Millersville has homes currently available to meet any buyer's unique needs. At Earnest, we've built a simple calculator that will help you determine your target price range. Check it out below and find the home of your dreams.

Pay what you can afford for a Millersville home

Homes here will make your heart sing

Millersville has the perfect home for you, no matter the reason you're moving in. Millersville housing prices range from $150,00 to $650,000, meaning there's a little something for everyone. With a low crime rate, Millersville is a safe community to raise a family in. For a family looking for a 15-year mortgage, the rate is currently around 3.98 percent, still among some of the lowest rates in the country. With mortgage rates as low as they've been in years, now's a great time to make Millersville your community, too.

Let us help you get settled in in Millersville

You'll love these mortgage deals as much as your new home

No matter your reason for moving, Millersville has a home—and a loan—for you. There are many things that are considered in a mortgage rate: your loan purpose, purchase price, down payment, and credit score all factor in to the rate you receive. Make sure when you look at houses to ask your realtor if there are any discounts available for your situation. Perhaps you already have your dream home in Millersville and want to refinance your mortgage. Whether buying or refinancing, Earnest can help. If you need to switch your term from 30 years to 15 years, or from ARM to fixed, Earnest can find the path that's right for you and show you just how much you'll save.

Common Questions About Millersville 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.