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Moderate mortgages in Mount Airy, Maryland

With just under 10,000 people in the 4 square miles that make up Mount Airy, you'll have the luxury of your own space alongside the company of your neighbors. Though Mount Airy offers all of the tranquility of the countryside, you'll also be within reach of plenty of restaurants, bars, and coffee shops, as well as busy Maryland shopping centers. No matter what you need, you can relax in your Mount Airy home while counting on the proximity of the amenities and cities just a few miles away.

Feel right at home in the Mount Airy community

Don't lose this chance to find your perfect house

The Mount Airy municipality is a cozy, historic area just off of the Baltimore Turnpike. And if you choose to make this town your home, you'll be investing in more than just the scenery. In 2016, Zillow estimated that the average Mount Airy house was worth $404,900, and that value is predicted to grow in the months ahead. The living costs and expenses of the houses are lower than the nearby areas, and the biggest cities of Maryland and Northern Virginia are easily accessible from any part of the town. Mount Airy is the break from the city you didn't even know you needed. You will love your house here as much as you love the views, and you'll be saving on your investment, too. Commuters, families, and single residents have all found happiness in beautiful Mount Airy. Join them in a town with history, spirit, and life.

With an Earnest loan, buy a Mount Airy home

You can afford the serenity of the Maryland countryside today

Searching for a new home for the first time is certainly an undertaking, as this purchase will require a lot of thought and consideration beyond just numbers. At Earnest, we can help you piece together a bigger picture, including information about the housing market as it fluctuates by day. In Mount Airy, rates are low at 3.22 percent to 4.0 percent APR on average for a 15- or 30-year plan. Start looking at these houses today—you'll like what you see and how much it costs. Refinancing a mortgage can also be a big step, but in Mount Airy, refinance rates are equally as low as first-time mortgages. For a 30-year plan, these rates match the national average at around 4.1 percent APR. At Earnest, we can help you assess your finances before you make the investment. Secure your future today.

Common Questions About Mount Airy 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.