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A stress free mortgage is in Westminster

With the latest Westminster mortgage rates, it's the perfect time to purchase a new home. From sprawling mansions to quaint cottages, there are a large diversity of homes in Westminster. Now is the time to buy! A calculator provided by Earnest helps you find the price range you want for your new home. The factors that go into the mortgage rate loan chosen for you are principal, interest, property taxes and also insurance. The calculator helps make finding the loan amount easy and simple!

Find the right mortgage rate for your dream home

The home of your dreams is waiting for you in Westminster

Your perfect home in Westminster is out there waiting for you. Whether you are looking for a large mansion or a small single-family home, you will find one in an area of Westminster you will love. Although Westminster does have public transportation, there are areas where you will want to have your own car and other areas where you can enjoy walking throughout town. According to Zillow, the median list price per square foot of a home is $164, which is slightly lower than the metro area of Baltimore, which is $170 per square foot. The median listing price of homes in Westminster is $300,000, with many homes above this price and many homes below this price, making single-family homes definitely affordable.

The loan for you is in Westminster

Start the process of finding your perfect home with Earnest today

Figuring out how to choose and pay for the perfect home is definitely stressful and can be complex. Earnest is here to help you out with this process, whether you are a new home owner, a returning home owner or looking to refinance your home. Some factors that go into figuring out the loan amount are the down payment on the home, the amount you are interested in borrowing, the location of the home and your credit score. Earnest has a calculator that can help you figure out what loan option is appropriate for you!

Common Questions About Westminster 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.