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Church Hill can be your next home with Earnest

Church Hill, Maryland mortgage rates are extremely low right now. This makes it the perfect time to capitalize and consider buying the home of your dreams or refinancing your current home. Church Hill is nestled away next to the river and is full of natural beauty that will make memories for a lifetime. With an expected rise in the average home price—now is the best time to begin investing!

Plenty of homebuying opportunity

Homes in the low $100,000s

Church Hill, Maryland has available properties across a wide range of prices, from million dollar estates to less expensive but not less fantastic homes just waiting for you. Whether you want a river view or prefer something with more greenery, the options are endless. According to Trulia, the current average home sales price is only at $260,000. For this price, you could get a beautiful home within an extremely well appointed and stunning community. As the community expands, both the average median price for a home and the median rent per month for an apartment are on the rise. Rather than wait and watch, the numbers increase, invest now and capitalize later! One thing to note—you won't have to worry about any crime either. It’s significantly lower than the national average.

Make the buying process in Church Hill easier

Put your trust in Earnest

One of the best advantages to have when buying a new home is having a team on your side who understand the industry. We live in a time where knowledge is power. Earnest is here with years of experience and well-proven knowledge base to assist you through your journey. With your best interest at heart—Earnest will insure that your needs are met from the very beginning. So, use the best tool/advantage you have right now! Give them a call. More interested in refinancing your current home? Earnest can help there as well. Refinancing can free up cash for major expenses such as tuition or home improvements. Whether you're interested in changing your term from 15 to 30 years, or switching from ARM to fixed or vice versa, Earnest has the knowledge and process that will find the best option for you.

Common Questions About Church Hill 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.