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Affordable mortgage rates in Avenue

Mortgage rates in Avenue are at an all-time low. Whether you're buying your first home or refinancing your mortgage, you'll find great housing rates for families and retirees alike. And with plenty of sizes and styles to choose from, you're sure to find a house that suits your lifestyle and budget. Rates won't stay this affordable forever, so if you've been looking to move, now is the perfect opportunity.

Small town charm is waiting for you in Avenue

Waterfront or land, you will find the perfect property for you

From large, colonial-style houses on the lake to small, single-family cottages, Avenue has something for every budget. Find charm and quiet in the country, or live luxuriously by the bay with your own personal pier. While access to the outdoors is a huge attraction, homebuyers will find that personal transport is required as walkability in the community is very low. Make sure to factor a car into your budget if you haven't already. While sales prices can vary depending on the neighborhood you're living in, the average home value in Avenue sits around $265,400 and is expected to rise in the next several years. With a predicted 2.9 percent increase in home values in the near future, now is the best time to buy to lock in these great rates.

Avenue's best home loans

A streamlined application with incredible mortgage rates

Securing a loan is the first step in purchasing your starter home or investment property, and it's arguably the most important part of the process. There are many considerations factored into mortgage rates; down payment, your credit score, and loan purpose can all affect your final rate. Be sure to ask your realtor for any discounts you may be eligible for while searching. Get preapproved and start looking for your home right away! Already living in a home you love in Avenue? Refinancing your home can help you free up extra cash for projects and purchases that are important to you. Don't know what option is best for you? Earnest can help you make the right decision for you and your family.

Common Questions About Avenue 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.