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Affordable rates exist in Chase, Maryland

With an affordable median sales price and mortgage rates lower than the national average, now is the perfect time to buy a new home in Chase. Despite low walkability, everything is within driving distance. Choose from a range of available apartments or single-family houses in the area. Whatever you're looking for, you're bound to find it here in Chase, Maryland. So whether you are looking for a place to raise a family or just a place you can call your own, Chase is the place for you.

Don't wait any longer to make Chase home

Affordable prices and low rates make this the perfect place to buy a home

The current median sales price in the community of Chase is $231,250. With mortgage rates lower than the current national average, there’s no better time to buy a home in Chase than now. Filled with a large selection of lovely apartments and spacious single-family houses, there is something for everyone. While this area is low on walkability and there are no operating stores or outlets within the city limits, residents can find a wealth of activities and attractions for all ages within a close driving range. No matter what you're looking for, there’s something for everyone here. Keep in mind, both tornado and earthquake activity in Baltimore County is around the state average, so always be sure to look up any safety tips or procedures within your target neighborhood.

Find just the right loan for just the right home

Don't let the hassle of homebuying keep you from purchasing your dream home

You've decided to become a homebuyer, but wait...now what? Well, before you can buy your dream home, you need to get a home loan. Mortgage rates will depend upon credit score, the ZIP code of your target neighborhood, down payment, purchase price, the purpose of securing the loan, and other factors. Just a tip: Bring up the topic with your realtor and see if you might qualify for any special rates or discounts. Maybe you're looking at the mortgage rates so that you can refinance. Refinancing gives you the option to put aside some of your hard-earned money and dedicate to things other than real estate, such as a big family expense or school tuition costs. Thankfully, the process doesn't need to be a pain. Whether you're looking to change your terms (e.g., from a 15-year to a 30-year) or make another switch, Earnest is here to help you along the way.

Common Questions About Chase 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.