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Snag a mortgage for an upscale home in Ashton

Home prices are at an all time low, and so are mortgage rates. That makes now an exceptional time to buy a new home in a place like Ashton, Maryland. Ashton is a good solid community with family neighborhood attributes like good schools, quiet communities, and plenty of outdoor parks and recreation spaces. It's never been easier to get a mortgage for the house of your dreams. You don't even have to leave your home to go through most of the steps, and you'll have a mortgage before you know it.

Ashton embodies suburban splendor

Enjoy quiet living with entertainment, shopping, and accessible excitement

Ashton, Maryland is a nice place to live for business professionals that enjoy the quiet life, or upscale families that want a good place to raise their children. At about 40 minutes from Baltimore, it is a commute that is feasible, yet removed enough to feel like a retreat. Ashton offers affordable housing prices, picturesque communities, and excellent family amenities that you simply won't find in locations closer to the city itself. Families can relax at one of the many outdoor recreational parks, or take a day trip over to the Chesapeake Bay and frolic in the ocean. A day of shopping in Baltimore or Washington, D.C. is about an hour away. Professionals can enjoy additional job choices by living near both cities, while enjoying a quiet lifestyle back at home.

Land a house in Ashton easily

Live the suburban lifestyle with ease thanks to Earnest

As a first-time homebuyer you can benefit greatly by using Earnest to help you get your initial mortgage. The website offers several tools to help you locate and obtain the very best mortgage available. You'll be able to view quality mortgages and learn just what funding options are available to you and how much money you can realistically borrow for a home in Ashton, Maryland. Current homeowners that are looking to refinance their current mortgage can benefit from working with Earnest as well. The program offers tools to adjust mortgage rates, types, and terms. With Ashton home prices expected to go up in the future, do yourself a favor and purchase property as soon as possible to take advantage of the low interest rates and lower home prices. Your new suburban lifestyle will thank you.

Common Questions About Ashton 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.