Alert Message

A guide to Aquaso mortgage rates

As is the case in many places across the country, mortgage rates in Aquasco are at record lows while at the same time home values are skyrocketing. Aquasco has an assortment of ideal homes so no matter your taste or style, there's bound to be something that suits you here. Whether you want to be river-side, in the heart of the town, or settled next to idyllic woods—finding your perfect home in the target price is no problem.

Affordable homes and a small-town feel

From grand to quaint homes, Aquasco has it all

Aquasco offers beautiful homes amidst historic sites and green views. Single-family homes of all sizes are available at affordable prices without compromising on quality. The median home prices in Aquasco are significantly lower than the overall median price of a home in Prince George's County, which hovers at around $300,000, according to Trulia. With a population of a little over 1000, Aquasco is the ideal location for families who want affordable living as well as luxury all with a small-town feel.

The perfect Aquasco home loan

Low mortgage rates meet a fast application process

For many homebuyers, loans are the first step to acquiring a home--and many will find the process confusing. One reason behind the confusion is variability. Due to many factors, including ZIP code, credit score, down payment, and more, mortgage rates will differ. Make sure to ask your realtor if you apply for any special discounts. Earnest has a simple, straightforward process that will take a lot of the stress away. Once you have your preapproval, you're one step closer to your Aquasco dream home! The process for refinancing your mortgage rate is similar to homebuying. Refinancing is a great option for those who want to change terms or free up some money. Earnest will help you choose the perfect option for you, providing a hassle-free process and getting money freed up faster.

Common Questions About Aquasco 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

People around a computer

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.