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Mortgage rates in White Plains

White Plains is a small city in Maryland that keeps its residents interested, engaged, and above all else, happy. It's the city where you can see yourself moving into for the houses alone, but there is so much more to this incredible location. Perhaps you have decided on White Plains as a possible new home location. If so, you are ready to take the next step: getting a mortgage.

Consider White Plains

Move fast, before the rates increase

With gorgeous houses and an exciting city environment, White Plains has lots to offer newcomers. It’s full of fun and style, yet also laidback and tranquil. It’s no surprise that its housing market has grown in recent years. Getting a mortgage rate on a White Plains home is a simple process, but certain variables must be accounted for. For instance, the amount you borrow at the start of your payment plan will have an effect on the interest percentage rate and payments per month. That being said, many appealing payment plans are available for White Plains houses. Homebuyers who choose a 30-year plan can start from a 3.906 percent APR, paying $1,483 monthly.

Finding a mortgage in White Plains is easy

A simple solution for getting your dream home

It might always seem as if mortgage rates are stopping you from getting the house of your dreams. But why should it? If you are concerned about the prices of homes here in White Plains, you don't have to be. There are solutions available for those interested in this beautiful location. Homes can start from around $155,000. Prices vary based on size and location, as do the mortgage rates. Mortgage prices can start from a higher rate of 4.049 percent APR with only $740 a month. The rates and payments vary up to 4.575 percent APR, with payments of $785 a month. Discounts are also available to many applications. A life in White Plains is not so far away, after all!

Common Questions About White Plains 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.