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Low interest deals available for Boring living

For a 30-year fixed rate mortgage in Boring, with 20 percent down, rates fall between 3.9 percent and 4.1 percent. A 20-year fixed rate mortgage has rates between 3.7 percent and 3.9 percent, and a 15 year fixed rate mortgage varies between 3.1 percent and 3.5 percent. As mortgage rates continue drop and home values rise, now is a great time to invest in your dream home in Boring, Maryland.

Affordable homes in Boring

Make yourself at home in Boring

This small town has less than 50 structures, including the post office and church. The small population makes for a tight community with low crime rates and a steady economy, Close to Reisterstown, it's an undiscovered gem.

Live a Boring life without stress

Find your loan in Boring today

If you're searching for your first home or looking to retire in a quiet community, Boring has a home at a price you can afford. At Earnest, we strive to make your home buying experience as stress free as possible. Begin your loan search with our simple-to-use loan calculator to gain comfort with the unknowns of purchasing a home. Also, be sure to communicate with your realtor, and stay up to date with any special discounts that you may qualify for while buying your new home. If you want to refinance an existing mortgage, Earnest is here to assist you with all of your purchasing and refinancing needs.

Common Questions About Boring 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.