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This town is a great place to live, not only for its natural beauty, but also for all of the history that it has to offer. With projected growth in size and home values for the coming year, now is the time to invest in Secretary.

Love the home you call your own

Secretary has what you're looking for in a home

Living in Maryland is great across the board, with a nearly endless list of reasons to support this fact. Residents are proud to call this bustling, beautiful state home. Furthermore, the housing market has stabilized in most of the country and median home values in Maryland continue to see growth year after year. Zillow reports that Maryland median home values have increased by 4.3 percent in the last year alone. The site projects additional growth in the next year with median home values expected to increase by an additional 2.3 percent. These homes are as unique and historical as they are affordable, so now is the perfect time to make a purchase. By acting now, you can start reaping the benefits of investing in Maryland's housing market.

Get the loan you need to invest in Secretary

Earnest will help you get low mortgage rates you can count on

Buying a new home is one of the most exciting journeys you will ever embark upon. Earnest will work with you to make sure that homeownership is as stress free as possible, while also making sure you stay within your budget to purchase the home you've been looking for. The path to homeownership can be a lot of work, but with Earnest at your side you'll get the best rate available to you. If you're interested in refinancing then we can help you with that as well. Refinancing can be a great opportunity to free up money for the next big project or phase in your life. Don't this process cause you too much stress or consume all of your time. Let Earnest guide you through the process so you can enjoy life while you start your newest chapter as a homeowner.

Common Questions About Secretary 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.