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Make an investment you will be sure of

With the average mortgage rate at around 4.27 percent for a 30-year plan, Piney Point can offer beautiful homes at bargain prices. If the vision of a house on the waterfront has lured you in, don't wait to start your search. With Earnest, you can have the house that you want without overspending. Make a well-informed investment in your new home in Piney Point.

Don't stress over homebuying

Check out these simple steps to buying your new home in Piney Point

Moving to Piney Point is an exciting decision, and with its beautiful views and historical landmarks, you'll never want to leave. You'll have a choice of many different architectural styles, locations, and neighborhoods in this town, so though all of the houses are affordable, you won't feel cornered when making your decision. Whether you are looking for good school systems or are a retiree, the range of options is almost never-ending in Piney Point. Furthermore, with its safe and spacious neighborhoods, you'll definitely be able to relax and enjoy a quiet and peaceful life. According to Zillow, the median sales price for homes in this area averages at around $221,500, so you'll be getting a great bargain on an elegant and picturesque property. Take a look at what Piney Point has to offer, as the homes and amenities here are hard to beat.

Get ready for your new life in Piney Point

Earnest loan applications are simple. You can afford your next home with us

Purchasing a new home can be incredibly overwhelming, so at Earnest, we promise to stick with you every step of the way. From getting you the best mortgage rate possible to staying within your financial range, we will help you find the house you've always imagined within the budget you can afford. Our analysts are very familiar with imperative market information as well as geographical and district characteristics, accessible amenities, costs of living, and discounts for which you might be eligible. If you're looking to refinance your home, Earnest can be of service as well. Regardless of your objective, we want to make the transition easy and possible. Whether you are making a first time purchase or trying to save for tomorrow, let Earnest be your guide.

Common Questions About Piney Point 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.