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Great rates in Aberdeen Proving Ground

According to the Census Bureau, the median home value in Aberdeen Proving Ground is $199,100. A number of foreclosures mean buyers in this area can find low rates and low prices. Consider calling Aberdeen Proving Ground home today alongside 565 U.S. military members. You're bound to love this unique community located between the Susquehanna River and the Gunpowder River.

Lower rates and larger homes in APG

Foreclosures may impact your rates

Aberdeen Proving Ground is currently suffering from a number of foreclosures, despite being the center of employment for Harford County. According to Zillow, 2 homes per 10,000 are being foreclosed, which is higher than the national rate of 0.7. These foreclosures will affect the median home values in Aberdeen Proving Ground by driving down rates and prices for buyers. Be sure to keep an eye out for recent foreclosures in the area if you're looking to call this neighborhood home. And why wouldn't you? With an educational attainment estimate of 100 percent, you'll be moving into a neighborhood where education, history, and comfort combine.

Discover what you can afford in APG

Changing rates and how to decipher them

In the financial world, things change quickly. That's why it's good to keep an eye out for changing rates and values while looking for a new home. Due to the number of foreclosures at Aberdeen Proving Ground, current mortgage rates and listing prices are bound to make any buyer happy. Just make sure you're prepared with all the information your mortgage application will require. And if you're feeling confused by the many factors that play into your mortgage rate, know that Earnest is here to help. We can assist you in finding the right house and the right mortgage to meet your budget. If you're looking to refinance, let us give you a hand: we specialize in mortgage rates no matter what stage you're at.

Common Questions About Aberdeen Proving Ground 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.