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A mortgage in Arnold has long-term benefits

No matter your situation, Arnold has a home and price just for you and your lifestyle. Whether you're looking to buy your first home or upgrading to a larger one, Arnold has the home you are looking for. A safe and secure community with all of the amenities of suburban living awaits you. Become a homeowner in Arnold now!

Find your spot in Arnold

Discover the beauty and meet your new neighbors

Living in Arnold is perfect for a first-time homeowner or for a family new to the area. Arnold is right within budget for everything it offers. This fantastic community is sure to provide a warm welcome. Property values in the area have risen by 3.3 percent in the last year and are expected to rise another 2.6 percent within the next year, according to Zillow. The median household income in Arnold is a hefty $100,450, reflecting the thriving local economy. Get ready to move into your dream home in Arnold--they're ready and waiting for you.

A home loan for you in Arnold

Budget-friendly mortgage rates are yours

Buying a home for the first time and refinancing your existing mortgage are very similar processes. Earnest helps you sort out all the details so you get the mortgage rate that's best for your budget. Our simple loan calculator can help you determine your target price range. If you're refinancing, Earnest helps you free up money for more important expenses, such as college tuition or home renovations. Don't miss out on any of life's milestones. Let Earnest help you stay worry-free. Your individual mortgage rate will depend on your financial situation, down payment, and credit score. Unsure how to proceed? Find simple and personalized assistance with Earnest.

Common Questions About Arnold 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.