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Perry Hall mortgage rates help you move in fast

Just like in the rest of the country, Perry Hall's mortgage rates are lower than ever. Now is the time to take advantage and look for a new Perry Hall home. Whether you're seeking an apartment, a townhouse, or a family home to reside in for years to come, Perry Hall has the location for you.

Community and history, Perry Hall has it all

The perfect community for commuters

Perry Hall holds a wide variety of apartments and single family homes perfect for any kind of buyer. With a strong community backbone, affordable prices, and increasing home values, a Perry Hall residence is one no buyer should pass up. By the end of October 2016, the median home sales price in Perry Hall was $259,000, and is only expected to rise into next year. With a great town center at walking distance from most neighborhoods, close proximity to Baltimore, and major improvements headed its way, Perry Hall is the perfect up-and-coming town to buy in.

The best Perry Hall home loan is here

A seamless application met with low rates equals zero headaches

Before you can take steps toward buying a house, you need a home loan. Finding the perfect home with a manageable mortgage can be a tough and confusing process. Many factors go into a mortgage rate, such as ZIP code, loan purpose, loan amount, etc. Keep in mind that some buyers qualify for special rates, so make sure to talk to your realtor about any discounts that may apply to you. Let Earnest help you with the heavy lifting on your home loan so you can be one step closer to your stunning new residence. The refinancing research process is similar to the mortgage research process. Refinancing can be helpful in a variety of ways, though it primarily assists with making more of your money available to you for life's big moments. Let Earnest help you figure out how to best refinance your mortgage.

Common Questions About Perry Hall 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.