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Become a homeowner with a Bloomington mortgage

For a 30-year fixed rate mortgage in Bloomington with 20 percent down, rates fall between 3.9 percent and 4.5 percent. For 20-year fixed rate mortgages, rates are between 3.6 percent and 4 percent, while a 15 year fixed rate mortgage varies between 3.2 percent and 3.5 percent. Mortgage rates are dropping accross the country, and home values are increasing. Now is the time to find your home and invest in Bloomington.

Find easy mortgage rates in Bloomington

Start here with a new home

While Bloomington has on just over 300 residents, it has an extremely low crime rate, and the economy is in great shape. Bloomington is a commuter town, as it lies within driving distance to several cities in nearby Pennsylvania. With only 305 residents and a wealth of lush scenic hills, it's a perfect place to escape the hustle and bustle.

Get the mortgage you need without the stress

Find your home in Bloomington with Earnest

If you're buying your first home or looking to retire in a nice community, Bloomington will give you the home you want at a price you can afford. Earnest is the first step to making your dream home become a reality. Begin your loans search with our easy-to-use loan calculator to gain insight into the home buying process. Also, be sure to speak with your realtor about special discounts you may qualify for while purchasing your new home. Perhaps you already own an existing mortgage and wish to refinance. Earnest can help you with all of your home buying and refinancing needs.

Common Questions About Bloomington 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.