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Snow Hill mortgages will open doors

According to Zillow home values have increased by 4.1 percent in the past year and are predicted to increase by 2.1 percent within the next year. You can own a piece of paradise in the prosperous and growing city of Snow Hill, snugly located within the already wonderful state of Maryland. From 2000 to 2013 home values increased by an average of over $50,000 according to City-Data and Zillow predicts they will keep rising next year. It's time to move to Snow Hill now!

Find comfort with a Snow Hill mortgage

Earnest can help you get the best mortgage so you can focus on moving in

Securing a mortgage in Snow Hill is more than lucrative; it's also a safe and wise decision! Percentages for 30-year fixed mortgages have lingered between 3.5 percent and 4.5 percent. Because of these rates, you can just focus on picking out the things that will make this home truly feel like your home—like no one else can! Picking out your dream home is the tough decision; don't let getting your mortgage taken care of be a tough decision too! Focus on relaxing and getting all moved in.

Your mortgage will help unlock your new home

Homes you never thought possible are within reach

You finally found the home you've been searching for—congratulations! Now you just need to get that mortgage squared away, and you're all set and ready to enjoy your new and prosperous life in Snow Hill! If this is your first time buying a home, then let's just take a second to shake off any stress that you may be experiencing! There's no need for that when you've got Earnest by your side. Earnest will help you find the mortgage you need to purchase the home you've always wanted! They can make this a quick and painless process so you can focus on more important things, like moving in and celebrating your new investment! If you're looking into your refinancing options then fear not, because Earnest can help you with that as well! Before you know it you'll be putting that now-free money to good use to fund your next milestone or adventure!

Common Questions About Snow Hill 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.