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Rohrersville mortgage rates are affordable and low

Your dream home awaits you in the small town of Rohrersville. This quiet town is the perfect place to raise a new family or move to if you are ready to expand your family. If you feel like visiting the city of Baltimore, it is a 72-mile drive and Washington D.C. is even closer. The historic sites of Harper's Ferry are also nearby. Mortgage rates and property values make the area a great investment, especially if you are on a budget. Start searching for your Rohrersville home today.

Take pride in investing in Rohrersville today

Small-town living has never looked better with low mortgage rates

If you are looking to put down roots, then Rohrersville, Maryland is the perfect small town for you. The community is small, but there is no better place to call you home. There is a large selection of homes in a wide variety of styles. You'll find everything from historical houses to large farmhouses with lots of land. The area is filled with history. Commuters will find it is within easy reach of many cities and business centers. If you are ready to get help acquiring the best mortgage rate for this area, turn to Earnest. Our professionals are here to make your home buying experience go smooth. This town is truly the gem of Maryland and is inviting to everyone who comes through. Don’t hesitate to invest in your next property any longer and let Earnest start the home search for you.

Small towns offer low mortgage rates

Earnest makes buying a Rohrersville home something to remember

Whether you are buying a home for the first time or looking to refinance your current mortgage, Earnest is here to help you. Several underlying factors might affect your mortgage rate. These factors include your ZIP code, your down payment, and your credit score. If you are not sure where to begin to find your new home loan, let the professionals at Earnest help you. We have several online tools that make the home buying process easier, so you can actually enjoy the adventure of purchasing your first home for you and your family. After you have turned to us for our home mortgage services, you are taking the first step to flinging your beautiful dream home in the small town of Rohrersville, Maryland. Don't wait any longer to start your home buying experience and take your first step today.

Common Questions About Rohrersville 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.