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Sharptown mortgage rates for every buyer

Mortgage rates across America are at record lows, and Sharptown is no exception. The many home options in Sharptown's inventory make it the ideal location for families and retirees alike. Determine your target price range to become one step closer to your dream home in Sharptown.

See which homes you can afford in Sharptown

Riverfront or inland dwelling, Sharptown offers something for everyone

The unique setup of Sharptown allows residents to enjoy the riverfront and town, all while in the midst of beautiful nature and close proximity to nearby cities. Enjoy quiet neighborhoods and fun activities the town provides while living in your dream home. Homes in this area are around $170,000-200,000, according to Trulia, making the area incredibly affordable for all of the various amenities it provides.

Your guide to the best home loan in Sharptown

Low mortgage rates and an incredibly fast application process

Whether you're a first-time buyer, a fourth-time investor, or want to find your ideal retirement residence, a home loan is the key to unlocking your dream property. With the many factors that go into determining a mortgage rate--including the credit score, ZIP code, down payment, and more--it's easy to forget that you can also apply for special discounts. Earnest can help you determine the price breaks for which you're eligible. Once you're preapproved, you're one step closer to your dream home in Sharptown! Refinancing is great option for those want to free up money for large purchases, such as renovations for their home, a dream vacation, or even college tuition. The process for refinancing requires a lot of the same information as homebuying. Earnest is here to streamline the process and help you find the tailored options for your specific needs.

Common Questions About Sharptown 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.