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Stevensville mortgages perfect for your family

Historically low mortgage rates and lower-than-average home prices in Stevensville make now the time to invest in a property for your future. With plentiful new and traditional homes available, Stevensville is the perfect small town for those looking to live near, but not in, the city. In this competitive buyer's market, let Earnest help you find and secure the home of your dreams in Stevensville.

See all that Stevensville has to offer

Find the right home at the right price

With traditional homes for families, couples, and retirees alike, Stevensville has something for everyone. Whether you want to take a bus to Annapolis or visit local Historic Stevensville, there's lots to do in the area. Stevensville offers competitive prices, so do some research to make sure you are receiving the best possible deal on your home. With Stevensville median home prices sitting lower than usual at $302,226, look at buying before prices go up again. For retirees, families, and couples alike, Stevensville offers a wide range of amenities that make the local prices well worth the investment. Accessible bus routes, close proximity to two cities, and a strong local community can be yours in Stevensville.

A home loan better than the rest in Stevensville

Competitive rates and an application that's not another obstacle

Regardless of whether this is your first home, a vacation house, or a retirement residence, everyone needs to acquire a home loan before securing a contract for a future residence. Make sure you understand how your ZIP code, loan purpose, loan amount, and other factors will affect your mortgage rate, and don't forget to ask your realtor about any possible discounts you may be eligible for. Once you're preapproved for a mortgage, you can begin settling in to your dream home in Stevensville. Refinancing a home isn't so different from obtaining an initial mortgage. Refinancing can allow you to free up a little extra money for other big events going on in your life, like a wedding. Earnest can help you figure out what to change in your mortgage terms to help you save as much as possible.

Common Questions About Stevensville 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.