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Own your Riverdale home in less time

With mortgage rates at all-time lows, it's the perfect time to make the decision to own a home. Riverdale offers a variety of affordably priced homes, perfect for families, retirees, and vacation homes. Our simple calculator can help you determine your target price range and most affordable mortgage rates.

Riverdale: affordable and livable

Condo or country club, Riverdale has something for everyone

Riverdale is full of spacious stand-alone homes in diverse neighborhoods built on beautiful greenery. Whether you're looking for a home close to transportation or the downtown area, research local property taxes and the homes that have recently been sold. In Riverdale, the median house value is currently $225,942. With plenty of events constantly taking place at the nearby universities and in Washington, D.C., the area is perfect for families, retirees, and those looking to purchase their first property. The crime rate in Riverdale is relatively high, so pay attention when researching homes and collect specific safety stats in any neighborhoods of interest.

Home loans in Riverdale just for you

Affordable mortgage rates in a timely manner

The first step to owning your dream home is securing a loan. There are many important factors to consider when applying for a loan: the purchase price, ZIP code, down payment, and your credit score, for instance. As you search for Riverdale mortgage rates, consult with your realtor to find out if you are eligible for any special discounts or rates. Once you've worked out the details of your loan, the excitement begins: finding your dream home, and moving in. There are many similarities between refinancing a mortgage and buying a home. If you're considering other investments, such as renovations or education, refinancing your home may be an excellent means of freeing up cash for wise investment opportunities. We are here to help you identify the best options based on your needs. With the right planning and advice, your financial needs are within reach.

Common Questions About Riverdale 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.