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Make the move to Abell, Maryland

For a 30-year fixed rate mortgage, rates are between 4.1 percent and 4.4 percent. A 20-year fixed rate mortgage varies between 3.7 percent and 4.1 percent, and a 15-year fixed rate has fluctuates from 3.2 percent to 3.5 percent APR. If you dream of overlooking the water of the Potomac River, your dream home can become a reality in Abell. With low mortgage rates and an array of homes, purchasing a new home in this area is easier than you think. Get ready to walk along the Potomac River.

Affordable homes in Abell

Low rates and easy applications make moving here a breeze

Overlooking the Potomac River and filled with activities for singles and families, Abell is a town you shouldn’t wait to live in. While this area of Maryland is low on the walkability scale, its convenient location makes up for the need to drive. The majority of stores, food venues, and parks are all within an easy drive and the average commute time to work is only around 30 to 34 minutes for residents. The current median sale price in the area is only $280,000, a good $58,500 higher than Saint Mary’s County medium price of $221,500. However, with low mortgage rates and good reviews, Abell’s medium sales price is bound to rise, making a purchase here a smart investment for the future.

Find your loan and discover your home

Earnest makes finding a loan simple

Before you buy the home of your dreams, you need to secure a loan. You may be eligible for mortgage discounts such as veterans rates, so make sure to talk to your realtor before deciding on what loan to pursue. Earnest will look at your specific financial situation and help find the best refinancing option for you. Start freeing up cash for important things like college funds or home renovations. Whether you are looking to change your term from a 15-year to a 30-year, or switch from an ARM to a fixed rate Earnest will help you find out how much you can save.

Common Questions About Abell 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.