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Buying an affordable Rawlings home is easy

Rawlings' low population contributes to its appeal for people seeking peace and quiet in the home sphere. The houses in Rawlings are fairly new, with most of them made after 1990. They look stylish and welcoming. The multiple sizes and price ranges of the houses give buyers plenty of options. Rawlings is a great and affordable location, with good mortgage options.

Mortgage options to get you there

Getting a mortgage in Rawlings is simple

Rawlings' median monthly mortgage is $1,349 according to Livability. This figure is lower than the national average. Rawlings has a selection of houses available at different prices depending on size and location. Mortgage rates can be favorable depending on your choice. It is always wise to see if you are eligible for mortgage discounts. The plan you choose will alter your payments and how long you have the property. Rawlings has multiple mortgage options available. Whether you are buying on the low end or the high end, there is something for you to suit your needs.

Rawlings is a town waiting to be explored

Get used to affordable payments

The great houses available in Rawlings should tempt you enough to consider a mortgage. Buying a house shouldn't be hard, and the mortgage rates encourage that. You can find yourself with a beautiful $379,000 house paying $1,755 a month at a 3.793 percent APR rate over a 30-year fixed plan. The higher end of the prices are still affordable for most, which makes Rawlings a great place to live. If interested in a smaller property to spare the bucks, you can find a 10-year fixed plan paying $185 a month on a 4.625 percent APR rate. This is for a house at a much cheaper price of course and with that comes less space. Showing that there is different types of affordability in Rawlings, it should be a location for most to dig deeper. Finding out more about Rawlings could be the best idea you had. It’s your future, after all.

Common Questions About Rawlings 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.