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Save time and money living in Aberdeen

With mortgage rates at all-time national lows, now is the time to move into your dream home. Aberdeen has the beautiful location and affordable living you've been looking for all along. Unique attractions and restaurants will make you happy to live and work in Aberdeen. Top-notch local schools will leave you with peace of mind for your children's educational needs. Everything you need can be found in Aberdeen, so head this way today.

Live in the beautiful and affordable Aberdeen

Find the budget-friendly home for you

Aberdeen is in a prime location close to the water but also to city amenities. According to Zillow, homes in Aberdeen are $65,500 below the state average. The area's economy is extremely strong, indicating a thriving city. From 2000 to 2013, the median household income increased by $14,828. In 2013, the median household income in the area was $54,018, according to city-data. What should all this mean to you? Now's the time to buy, of course--before the prices go up. Make yourself at home in Aberdeen starting today.

Aberdeen home loans for you

Mortgage rates right within your budget

Refinancing and initially purchasing a home are very similar processes, at least in terms of your finances. Both can be highly stressful, but Earnest can ease the worry. With Earnest, help is provided to make sure you receive the best mortgage rate possible. We calculate the right rates for you based on a number of factors, including your credit score, loan amount, ZIP code, and more. If you're refinancing, Earnest will help you change your term or switch your ARM to a fixed rate so you can free up money for other expenses like college tuition. Let Earnest make homebuying or refinancing a smooth process. Find your place in Aberdeen today.

Common Questions About Aberdeen 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.