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Charlotte Hall mortgages are all you need

Now is the perfect time to make an investment with property values steadily increasing and loans sitting at great rates! According to Zillow, median home values have increased by almost 1 percent in the last year and Zillow expects them to increase by an additional 1.8 percent within next year. Don't forget that Charlotte Hall homes are already almost $60,000 higher in median home value than the state of Maryland average.

Buying a home has never been so easy with Earnest

Find the place you've always belonged in Charlotte Hall

According to Trulia, there's an extremely wide range of homes available for you to choose from that will fit all of your needs, from pricing to size to any other unique features for you! Mortgage rates have been consistently sitting right around 3.7 percent and 4.2 percent according to Bankrate for a 30-year fixed APR, which makes this an even more lucrative and wise opportunity for you to invest in for both you and your family! You'll be able to rest easy in knowing that not only are you making a wise financial investment for your family, but you're also unlocking the door to a home that you and your family will be creating memories in for generations to come!

Now it's time to get your mortgage

Earnest would love to help you move to Charlotte Hall

Whether this your first home purchase or an additional home away from home for you or your family, Earnest can help take you through this process. Purchasing a home can seem stressful and sometimes even a bit scary, but there's nothing to worry about if you let Earnest walk you through everything. Earnest is great at helping you pick a home that fits all of your financial needs while also going through the checklist to make sure this home truly is the home you've always dreamed of owning. If you've been considering refinancing then Earnest can help you out there, too! Before you know it, you'll be preoccupied with putting the now freed-up funds into your next milestone or adventure!

Common Questions About Charlotte Hall 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.