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Manageable mortgage rates make it possible

As America's real estate begins to bounce back, mortgage rates are going with it. So, take advantage of Churchton's extremely low rates while you still can! With a wide catalogue of traditional homes, there is certainly a Churchton home for you. Whether you're looking for a a vacation home, retirement residence, or first family house, Churchton is the right move. And with home values expected to increase, according to Zillow, buying now is the right investment for your future.

Your coastal escape is manageable in Churchton

Right by the water and close to three cities

Whether you're looking for a nearby vacation house or a home to retire in, Churchton certainly has the residence for you. Or, if you're a commuter family who'd prefer to live in the suburbs, Churchton is ideal as well. While there are no public schools actually within Churchton's town limits, the nearby neighboring towns offer close by elementary, middle, and high schools that every parent can feel comfortable sending their children to. And, with low crime rates in the area, all residents can feel safe in their own community. As Churchton home values are expected to rise over the next year, make now the time to invest in a Churchton home. Median home sales prices were at $299,900 at the end of November 2016, so act first before they continue to rise through 2017.

Mortgage to move-in in a few simple steps

Affordable rates with an easy application

No matter if this is your first home, second vacation house, or final retirement residence, all buyers need to obtain a home loan before they can secure any contract on a house. Your ZIP code, loan amount, loan purpose or credit score can all lower or raise your rates. Make sure you discuss with your realtor how much you should expect to pay, and if you're eligible for any discounts. Once you've applied and are preapproved for a mortgage, you can officially start your home search. Much like when you obtained your initial mortgage, you should research how your information can affect your mortgage. Refinancing is a really useful tool for freeing up some of your money for upcoming big purchases. However, if you want to change your mortgage terms, Earnest is here to help make a plan to save you as much money as possible.

Common Questions About Churchton 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.