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Owings Mills has the best mortgage option for you

Now is the time to find your new home and affordable mortgage rate in Owings Mills! Housing in Owings Mills is expected to increase in price by 2.1 percent in the coming year, according to Zillow. Earnest provides a calculator to find your mortgage loan amount. Multiple factors go into this amount including the principal amount, interest, insurance and taxes. Although it sounds complicated, Earnest makes this number easy to find!

Earnest makes finding your mortgage rate easy

Owings Mills is waiting for you to take residence

Your future home is waiting for you in Owings Mills! You will surely find a variety of homes in Owings Mills that will fit your needs. The current median listing price in Owings Mills is $264,900, which means about half of the homes are above this price and about half are below this price. Families will be able to find affordable homes as well as singles looking to purchase their first house. Compared to nearby cities, this amount is lower than the majority. Start your search for your new home in Owings Mills with Earnest today!

The mortgage loan for you is in Owings Mills

Find your loan in Owings Mills with Earnest today

House hunting can become tedious as well as stressful and time-consuming. Earnest can help you find your mortgage rate loan easily without the time-consuming nature of other house hunting activities. If this isn't your first time purchasing a house, Earnest can also help with refinancing your home. A few factors are used to calculate your loan amount. These include your credit score, the zip code of your new home, the down payment of the home and the amount you are interested in finding. Punch these numbers into the calculator and voila! Your loan amount awaits.

Common Questions About Owings Mills 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.