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Westover mortgage rates are incredible

Westover has a great mix of both new and older homes—as well as lots of available land! This rural community offers amazing housing prices—meaning your mortgage will make all of your friends' jealous. By not having to worry about an expensive monthly mortgage like you would in larger cities, you'll be able to concentrate on other things and simply enjoy life. The town offers everything you need and is sure to be a place to call home for years to come. Why pay more if you don't have to?

A smart invesement in your future

Why pay more when you don't have to?

For as little as a few hundred dollars a month on a 30-year fixed mortgage, a charming home in Westover could be yours! Why pay more when you simply don't have to? Sites like Zillow and Livability show that mortgage rates in Westover are incredibly competitive. With the average house being cheaper than the state average, it is no secret that your mortgage will be something that doesn't cause you grief. When you factor in the fact that most houses come with a significant amount of land, the mortgage deals are even more amazing. With great schools, historical sites, and beautiful scenery, you will not regret making this your home.

More space for less money

Westover will make you wonder why you didn't move here sooner

Why pay more for other towns when you can get such a great quality of life—and an amazing deal on a home—in Westover. The average price of homes is $118,000. If you were to, say, go slightly above that and purchase a house for $134,000, with a 30-year fixed mortgage and twenty percent down, you would pay $512 a month with an interest rate of 3.9 percent. Obviously, if you go more expensive, your mortgage will be more costly—but the rates right now are amazing. Plus, compared to other towns in Maryland, the cost of living is incredibly cheap and manageable. Don't wait for prices to go up—make moves (pun intended) now.

Common Questions About Westover 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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