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Whiteford mortgage rates get you closer to home

A small town in a historic district, Whiteford is known for its contribution to the slate production in the early 20th century. Though the town has since evolved, it retains the architecture and heritage of its Welsh roots. Between two cities, Whiteford has a quiet charm that is lacking in a major metropolis, making the the perfect new place to settle in in your new home with a low interest rate.

Quiet and rural homes

Quaint and historic town provides relaxed lifestyle

Whiteford is nestled in northern Maryland, a few miles south of the nearby Pennsylvania border. Most houses in the area are moderately single-family homes. Also in the area, however, are many available plots of land just waiting to be developed and built into the home of your dreams. With so many opportunities to customize and build a house to your exacting specifications, Whiteford could be the perfect place to settle down. The town itself is very rural with limited access to restaurants, public transit and other attractions, however it is the ideal locale for a couple or a family looking to be closer to nature and in a quiet and charming neighborhood. Lush greenery and thickly wooded areas define this neighborhood. Embrace the heritage of the area, the bountiful nature, and discover the Welsh architecture in historic Whiteford today.

Affordable rates in Whiteford

Low interest rates for first-time buyers and refinancing

Whiteford's historic town is the perfect place for a new home. Find your mortgage rate for both 15-year and 30-year fixed rate or APR mortgages at competitive rates that will secure you your dream home. Current mortgage rates are around 4 percent for a 30-year refinancing, making it affordable and easy to afford your home. Researching mortgage options as a first-time buyer or if you're looking to refinance can be a daunting task. With many companies offering different deals and different rates, it is an overwhelming process. If you're looking for a low rate and an easy process, look no further than Earnest. They will evaluate your application and financial and credit history to ensure you receive the best deal on your mortgage, whether you're trying to change the term, switched to a fixed rate, or simply explore your options.

Common Questions About Whiteford 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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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.