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Affordable mortgage rates in Braddock Heights

With its proximity to the busy city of Frederick and its own small town charm, Braddock Heights offers the best of both worlds. If you want quality relaxation and plenty of dining options, visit Aleko's Village Cafe of Prew'd Pub. Middletown High School and St. Thomas More Academy are close to Braddock, offering rich educational options for families. Properties in Braddock Heights are currently available for as little as $300,000. Whatever your budget, you’ll find a home to match.

Getting to know Braddock Heights

Let Earnest make your home a reality

With a population just over 4,600, Braddock Heights is a bustling midsized town with a rich local history. Surrounded by rolling hills, the town is lush and green. Bordering the city of Frederick, it doesn't lack for restaurants or attractions. While it's too sprawilng to be walkable, numerous options for shopping and entertainment are available via a short car trip.

Easy and hassle free with Earnest

Get you the best possible rates for your next home loan

Whether you are deciding to buy a new home or looking to refinance your current one, you need a dedicated team of individuals willing to work for you. Earnest has always been dedicated towards its clients. You can trust them to put your interests first. Look to them for the answers you need to own into your dream home.

Common Questions About Braddock Heights 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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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.