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Rates to make Andrews Air Force Base home

Just like the rest of the country, mortgage rates on Andrews Air Force Base are more affordable than ever, especially with any available military discounts. With a wide range of options to choose from for service members living on the base (privatized housing, unaccompanied housing, and housing off-base in the local community), there is an ideal option for any type of buyer. Utilize Earnest's assistance and tools to help you navigate the homebuying process.

The home for you is in Andrews Air Force Base

Whether you want a single person apartment or a single family home

Located only 30 minutes from Washington D.C., and surrounded by exciting D.C. metro-area Maryland, Andrews Air Force Base is a great location with great homes. Whether you are looking for a a home for you and your family, or just a single apartment, Andrews Air Force Base has it. Depending on your living accommodations, Andrews Air Force Base offers a great community pool, fitness center, commissary, and so on. Making staying on the base enjoyable and convenient. Or, for when you want to make a trip off the base, surrounding Prince George's county offers great shopping, restaurants, and entertainment. With low crime rates and a school right on the base, Andrews Air Force Base parents can feel comfortable knowing their community is safe and welcoming to children and teens.

Home loans for an Andrew Air Force Base home

Manageable rates and a simple application make homebuying doable

Before prospective buyers can obtain any type of contract, they first must secure a home loan. And while Earnest does simplify the home loan process, it is important to know how your mortgage rates can change based on your ZIP code, loan purpose, loan amount, or credit score. Also, discuss with your realtor to see if you are eligible for any discounts, such as for veterans or active military members. Once you've applied and are preapproved for a loan, it's time to start searching. Refinancing your mortgage may seem confusing ad daunting. However, it's a helpful way to make of your money available to you. The research for refinancing is similar to when you initially obtained your mortgage. So after doing some of your own research, let Earnest help you decide how how you want to refinance to save you as much money as possible.

Common Questions About Andrews Air Force Base 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.