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Purchasing a home in Brookeville just got simpler

With mortgage rates as low as they are now, this is a perfect time to start thinking about purchasing that new home. With a variety of houses and apartments to choose from in Brookeville, you and your loved ones are guaranteed to find something you love in the small Maryland town. Don't wait any longer to make the town known as the “U.S. Capital for a Day” your home for a lifetime. We have even included an easy-to-use calculator to help you get started.

Perfect low mortgage rates for your budget

Don't let high mortgage rates keep you from your new home Brooksville home

As of this year, the current median home value in Brookeville is $547,000. This figure is predicted to increase by 2.1 percent within the next year. Whether you are looking for a house or an apartment, a place to raise a family or enjoy your retirement, Brookeville is the town for you. Attend one of the many social events held at the historic Brookeville Academy or explore nearby Hawlings River Regional Park. This is a car dependent town, but everything is within a comfortable driving distance. In fact, the town boasts of being only 18 miles away from the nation’s capital. Make sure to research your target neighborhood’s safety procedures, as tornado activity within this area is slightly higher than the national average.

Find the best Brookeville home for your budget

Let Earnest take the hassle out of mortgage rates

Alas, you've found your dream home. All that's left to do is secure your home loan. Keep in mind that mortgage rates depend on a variety of factors such as ZIP code, down payment, and of course, credit score. Don't forget to discuss with your realtor the different discounts for which you may be eligible when researching Brookeville mortgage rates. Perhaps you are researching mortgage rates in Brookeville because you are intrigued about refinancing. You've come to the right place; Earnest can give you a hand in switching from a 30-year to a 15-year term, or vice versa. We can even help you switch from a fixed rate to an ARM. Whatever your target, Earnest will help make the process easy for you and your budget.

Common Questions About Brookeville 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.