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Homebuying is easy in Bishopville

Mortgage rates all over the country are lower than ever. These lower rates have opened up the door for many to pursue homeownership. The low interest rates have helped Bishopville become a prime location for new homeowners. Now is the time to move to Bishopville!

The home you've been waiting for

Purchasing a home in Bishopville is simple

It's a great time to buy a home in Bishopville. Not only are you going to get to experience a quiet and comfortable life while still being reasonably close to bigger cities and their attractions, but it's also affordable and a great investment! Maryland homes have been rising in value for years, and Zillow reflects this while also projecting growth going into next year. Median home values in Maryland have already increased by 4.3 percent since last year, and Zillow projects further growth of 2.9 percent by next year. Mortgage rates are very low and affordable right now too. Currently mortgage rates are as low as 3.8 percent, and that's just for a 30 year fixed mortgage with a down payment of 20 percent. There are many factors involved with determining your rate and Earnest can help make sure you get the best rate that you qualify for!

The loan you need at a rate you'll love

Homebuying in Bishopville is now easier than ever

Finding the right location to call home can be one of the most challenging aspects of the entire homebuying process, but fortunately that's where the difficulty ends. That's right! The rest of the process is almost painless and has a much clearer path between the beginning and the finish line. Earnest can help you secure your mortgage and get closer to your move-in day for your new home. Homebuying doesn't have to be a pain and it isn't when you let us help you! If you're looking into refinancing and feeling uneasy or just want to make sure you get the best service, we can help you with that as well! Earnest makes homeownership and refinancing a breeze!

Common Questions About Bishopville 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.