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A guide to mortgage rates in Rising Sun

Rising Sun offers a variety of housing from traditional family to farm-style homes. According to the Census Bureau, there are a total of 1,096 housing units in Rising Sun, giving a lot of options to consumers. With such a historic background and beautiful community, be sure to consider this neighborhood for your next home.

Rising Sun homes for less

Opportunities and community values for a small price

According to the Zillow, the median price of currently listed homes is $227,450. With this price, however, you get more than the home. By living in Rising Sun, consumers have access to historic places for educational values, as well as good schooling for families. Located in Cecil County, MD, buying a home in this city can also open you to more communal opportunities. In the summer, for example, take a date or your kids to a movie in the park. Meet neighbors for town meetings, and join the Arts Alliance. Overall, this city is perfect for those looking for the Stars Hollow small town feel.

Needing a loan and where to find them

Found your home, but it's a bit out of the budget?

After finding a home, applying for a loan is your next step. But with so many companies and options, where do you turn to? Earnest is a company that can help. Priding themselves on trustworthieness and efficiency, you won't find yourself having to prove yourself. Not only this, but they base your loan application on more than just your credit score, and look into how you live your life in general. Therefore, you may be eligible for a larger loan than at other companies that only measure you by your score. So be sure to check in with Earnest for your home loan—it'll be a lot easier than you think.

Common Questions About Rising Sun 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.