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Rosedale is a buyer's dream for their dream home

In Rosedale, the value of homes has gone up significantly in the past couple of year! It has risen to 6.4 percent in value and experts are predicting an additional 2.4 percent rise in coming years. This is great news for people looking to become homeowners in this city! The interest rates are low and the market is cold. This is the perfect time to buy a home or an apartment and start a new chapter in your life.

Home and rental sales are below average

Prices under the national average mean it's easy to afford a home

The median price of home in Rosedale is $184,900, this is $4,100 less than the national median home prices. This may not seem like a lot of money but in the long run the money you save will add up and save you more than you think. The same is true for the median price of rental sales. In Rosedale, the number is $1,552 and nationally it is $1,562. This means that living in Rosedale will save you money in the long run, and everyone likes saving money! There is a wide variety of homes for sale in Rosedale. From grand upscale homes to smaller quaint ones, there is something for everyone in this metropolitan city. Don't forget to do research on finances and what can be afforded when choosing a home in Rosedale. Once you find what you can afford, it's time to start looking for your dream home!

Earnest wants to help you move to Rosedale

Get the best loan for you

Rosedale is the perfect place for new homeowners. It can be hard to know where to start when obtaining a loan. However, once you analyze your financial situation and determine your means for paying for a home, Earnest helps the rest of the way. We can find the best plan for you and determine if you can buy or if you should rent. If renting is the option, we'll help you with the logistics of any loans that you might need to make your dream home a reality. Earnest's refinancing services are similar to those of the homebuyer services. We create a sustainable loan plan for you so that some of your money can be freed up to pay for other big life moments. Don't let your mortgage stop you from doing the things you want. Work with us to refinance and rediscover freedom.

Common Questions About Rosedale 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.