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Sunderland mortgages you don't want to miss

We should all appreciate Sunderland for what it is, a jaw-dropping and snug town situated in Maryland. You’ll find it hard to hear a bad thing about this great location. The surrounding cities and the fresh atmosphere give you the best of both worlds--like something you’ve been looking for your entire life. And it's only made better with its easy accessibility to schools, hospitals, and post offices. This rural location can capture your heart with love all around.

Earnest can help with your Sunderland mortgage

Sunderland rates made easy

Sunderland is a great town with an array of activities. Buying a house here is idea for everyone, from singles, to couples, and even to families. The median home value in Sunderland is $384,800 according to Zillow. Mortgage rates vary from 3.875 percent APR to 4.524 percent APR. Whether you're looking for a mortgage, or you're looking to refinance your Sunderland home, look to Earnest. We can help you find the best rate based on your unique profile.

Price and quality in Sunderland

A variety of mortgage options are available now

So you found your Sunderland dream home? Great! Now it's time to research getting a mortgage. With so many factors impacting your rate, the process can be overwhelming. If you're looking to refinance your mortgage in Sunderland, the research process is similar. Finding what is right for you doesn’t have to be difficult. Earnest can help determine the best rates for you based on your personal profile. Try our easy-to-use calculator today.

Common Questions About Sunderland 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.