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Low rates on Upperco mortgages

With mortgage rates around 4 percent for a 30-year fixed rate mortgage, now is the time to purchase a home in Upperco, one of Baltimore's small suburban towns. Less than an hour away from the city, Upperco has all of the amenities of Baltimore with the advantages of a more quiet life. With great rates and affordable prices, find your dream home today.

A house for every budget

Range of prices ensures you'll find the perfect home

Located between Baltimore and Carroll county, Upperco is a suburban community about 45 minutes outside of downtown Baltimore. The residential community has access to the best attractions in Baltimore with the easy of suburban living. With good schools, an easy commute to work and many restaurants and shop, Upperco is the ideal place for families, couples, or young professionals looking to settle down outside of a large metropolis. In Upperco, the residential area is made up of mostly single-family homes in a variety of sizes and prices. Property ranges from empty lots to four-bedroom homes, and because there is such a range of availability, anyone can find the right home at the right price for their budget in Upperco. Whether you're looking for a modest home or a lot to build your dream home, it has everything you could possibly want.

Get your low interest mortgage rate today

Finding your interest rate made easy with Earnest

With low rates for both mortgages and refinancing at 10-, 20- and 30-year rates, now is the time to begin your search for a new home in Upperco. The overwhelming process can be made easier by researching your options in advance, checking rates and narrowing down your housing search. Also check for special rates that may be available to you like veteran discounts. To begin, determine your specific target price with Earnest's mortgage calculator—there's never been a better way to help stay within your budget. In addition to the calculator, Earnest will develop a profile just for you to make sure your financials are all in order before putting in an offer on your future home. Do all of this, plus secure a low rate interest rate to mortgage or refinance the home, all in just a few easy steps.

Common Questions About Upperco 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.