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Homebuying can be simple and affordable

Mortgage rates across the country are increasing, so if you're looking to buy a house, now is the time to purchase property. By investing in Whaleyville, you'll be guaranteed to love your home and love your community, all at a bargain price. There are available houses on the market, so begin your search today. Whaleyville has the proximity, atmosphere, and price range you've been looking for. Don't miss the opportunity to build a life here.

Your new home is just around the corner

Start the adventure of buying a home in Whaleyville today

Whaleyville homes are historic and rustic, encompassed by the beauty of the Maryland countryside just inland from the coast. Although small, the community is welcoming and lively, so you'll never feel isolated or bored. Furthermore, the homes are affordable, averaging at around $176,500 in value, according to Zillow. In the past year alone, these houses climbed over 8 percent in value, so you can expect to make returns on your investment. With many towns under 5 miles away, you'll have everything you could want or need just past your front door. A Whaleyville house can be yours. Begin searching and become a homeowner in this scenic and historic town.

Whaleyville is ready for you

Earnest will help you get the loan you need to make your dream come true

Whether or not you've purchased a house before, Earnest is prepared to walk you through the steps, so you can make the most secure financial decision possible. In Whaleyville, you can find mortgage rates as low as 3.2 percent for a 15-year fixed rate plan, which is below the national average. If you need to refinance your home, rates in Whaleyville are equally as low, at around 4 percent for a 30-year plan. Regardless of your objective, Earnest can help you along the way. Let us take care of you as you make this important investment.

Common Questions About Whaleyville 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.