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Find your Clarksville mortgage rate

With a great location, fantastic schools, and copious attractions, the safe suburb of Clarksville is a dream. Enjoy all of the amenities of the city while remaining within the comfort of permanent suburban living. A healthy and incredibly strong local economy makes Clarksville the ideal place to live and work. Regardless of your situation or homeownership needs, this area has something to offer. Check out Clarksville properties today--and get ready to fall in love.

Invest in a convenient Clarksville location

Easy to get to and close to major cities, what more could you want?

While it's no secret that the price of homes in Clarksville is higher than the state average, mortgage rates here are also more affordable. According to Bankrate, Clarksville offers a 3.99 percent fixed rate over 30 years, which is less than the national average. Clarksville offers dozens of homes to choose from, priced at a median of $678,300 according to Zillow. This is much higher than the Maryland average of $265,400, but reflects the healthy and stable local economy. Home values are also predicted to increase within the next year by approximately 1.6 percent, after increasing by 1 percent over the last year. With values expected to soar, now is the time to buy in Clarksville.

The Clarksville economy is highly stimulated

This is the ideal place to invest in property

If you are looking to buy your first home, find room for your family to grow, or retire in a peaceful, cultured, tight-knit community, Clarksville has everything you're looking for and then some. Earnest is the first step toward making homeownership happen, so don't delay. Begin your home search here with our simple loan calculator and gain some familiarity with the homebuying process. When searching for properties, make sure to work with your realtor to find any potential discounts or quirks of certain homes. And if you already have an existing mortgage and wish to refinance, Earnest can help with that, too. Earnest is here to assist you no matter your mortgage needs, allowing you to gain insight into the loan rates you would qualify for based on your financial situation.

Common Questions About Clarksville 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.