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There is a lot to gain with Waldorf mortgages

Mortgage rates countrywide have dropped, making now the perfect time to purchase your dream home. Waldorf has a wide selection of properties to suite all of your family needs. Whether you're looking for large family home or a starter home, now is the time to begin your search for the perfect place to settle down. We've even built an easy-to-use calculator to help get you started on finding the mortgage that is right for you.

See what homes you can find in Waldorf

Make yourself at home in Waldorf

Waldorf is a suburban community with ample farmland and nature in the area. With excellent park space and open areas for walking paths, this history-filled community is home to over 67,000 residents. The average listing for a home in Waldorf according to Zillow is $263,000, nearly 15 percent more than the average mean. However, this rustic charmed community is full of history, monuments, and a variety of entertainment, restaurants, and nightlife, to accommodate all ages.

An affordable home is just a click away

No hassle homeowning Let Earnest help you purchase your dream home

Whether you are refinancing, buying your first home, or finding your dream home for retirement, Waldorf has something for you in it's peaceful, and cultured community. Earnest will provide you with what you are looking for in price and location as it is the first step toward making your dream home a reality! Begin your home search here with Earnest's simple calculator.

Common Questions About Waldorf 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.