Alert Message

It is a perfect time to invest in Point of Rocks

In the peaceful and humble small town of Point of Rocks, you will find that the mortgage rates are quite peaceful and humble as well. This historic river town only totals roughly 1,500 people and is perfect for any family looking to settle down, especially families who are looking for a home surrounded by nature. With mortgage rates on the low, there is a reason why there are so few homes on the market. Let Point of Rocks be the starting point of your journey in discovering your dream home.

Everyone can find something in Point of Rocks

Choose your ideal home in a budget fitted for you

If you are looking to buy a new home, look no further than the small, historic city of Point of Rocks, overlooking the Potomac River. Today, Point of Rocks currently has a little under a dozen homes available with its beautiful and historic boundaries. Many homes are located right around Canal National Historic Park, which is full of numerous outdoor activities including hiking, biking, fishing, as well as rock climbing. There are also historic sites of interest to Civil War and train buffs. Regardless of what interests you, you'll find it here. According to Trulia, Frederick County’s average listing price is $353,736. In Point of Rocks alone, lots and units ranging in price from $50,000 all the way up to $279,000. Prices like that combined with such great surroundings make this small historic city a very worthwhile investment.

Home loans that are easy and affordable

Avoid the painful moments that come with homebuying by choosing Earnest

Whether you're a first-time homebuyer or you're seeking to refinance your home, one company can handle all your needs. Earnest understands the complexity of the market and can advise new homeowners on what options best suit them and their priorities. When working with experienced homeowners who want to refinance their homes, Earnest will go through all the benefits of ARMs, 15-30 mortgage terms, and find the options that work for them. Point of Rocks is a fast-selling community whereas homes on the market sell just as fast as they go up. If you are seeking to be a part of a historic community alongside the historic Potomac River, don’t hesitate. Give Earnest a call or check out their website for all of the latest information. If anyone has your back in the housing industry, it’s Earnest!

Common Questions About Point of Rocks 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

People around a computer

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.