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Get approved for your dream rate in Churchville

Churchville has a small town feel while also being a short commute to a variety of activities, both indoors and outdoors. Within a close proximity to Baltimore, the Chesapeake Bay, and Pittsburgh, Churchville is a prime location for those that enjoy all four seasons. Although Churchville home values are increasing at a slower rate, there is an affordable home for every family, or single in search of a home. A Churchville home is a great investment to be a part of.

Churchville is a great investment

A home loan for your budget

Churchville is home to historic churches, gorgeous homes, green lawns, snow in the winter, rain in the spring, and small town charm and history galore. With parks and places like local eateries, and breathtaking scenery, Churchville is a place you will never want to leave. Instead, Churchville is a place you will want to call home.

The mortgage loan for you in Churchville

Eliminate stress throughout the homebuying process

Once you have found your dream home, the next step to the process to owning your very own piece of Churchville is to secure a home loan. These loans are based on your credit score, income, down payment, ZIP code, etc. Be sure to communicate with your realtor and take advantage of any discounts or special offers. Earnest can help you purchase that special home that you spent so long searching for while also helping you stay within your planned budget. If you've been considering refinancing your home then we can help you with that too. As you approach retirement age, it's nice to be able to access some of that money you've invested into your home to go on that dream vacation or finally start your home renovations.

Common Questions About Churchville 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.