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Mortgage rates for everyone in West Friendship

Considering purchasing property in West Friendship? Now is the time. With interest rates around 4 percent for a 30-year mortgage and between 3.75 and 4 percent for refinancing, now is the perfect time to buy that home you've been wishing for. Purchasing property and knowing you've gotten the best possible deal has never been easier than it is with Earnest's help.

Attractive rates in West Friendship

Find your home in one of Baltimore's most sought-after suburbs

Known for its beautiful landscape and lush greenery, West Friendship is one of the most desired neighborhoods in the greater Baltimore area. With award-winning schools and countless positive neighborhood attributes, this town is a picturesque piece of Maryland's suburbs. Though slightly more expensive than its surrounding suburbs, West Friendship is also home to many local farms that help keep the stunning landscape in tact and have slowed development. Large, family homes are available in West Friendship, many homes boasting at least four bedrooms. The spacious homes often have sprawling front and back yards with detailed landscaping and refined exteriors. Just a short drive from Baltimore, purchase a home in West Friendship for the both benefits of a beautiful town and the amenities of a big city.

The best loans in West Friendship

The best mortgages or refinancing options available

With mortgage rates hovering around 4 percent for a 30-year fixed rate mortgage, now is the time to buy in West Friendship. This affluent town is a sought-after neighborhood just outside of Baltimore, and there has never been a better time than now. With increasing home values and stunning homes available, it is a buyer's market in West Friendship. You don't want to miss this opportunity. Let Earnest help you today and get the best rate possible. Whether refinancing your current mortgage or applying for a new home, they will analyze your financials with their proprietary methods to ensure you find the best deal without all of the hassle. It can be overwhelming to refinance or purchase a home, but it doesn't have to be. Let Earnest show you how.

Common Questions About West Friendship 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.