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Become a homeowner in Cockeysville

Cockeysville is an undiscovered gem near the Baltimore area with many neighborhood attributes. This makes it a perfect and safe location if you love the city or have to commute. Mortgage rates are dropping all over the nation for various types of homes, meaning now is the perfect time to buy your next dream home.

Cockeysville is the new suburb to live in

Homes within your budget are only a short drive to the city

Cockeysville holds the best of both worlds. With a location close to Baltimore but at suburban prices, you can find a home that fits your budget in no time. A place like Cockeysville is hard to find. Scoop up your next dream home before it's gone. The median home listing in the area is $337,500, according to Zillow. Home values in the area have increased by 4.7 percent over the last year and are expected to increase by another 2.5 percent within the next year. Now is the best time to invest.

Find your new home here in Cockeysville

These are the mortgage rates you've been looking for

Homebuying and refinancing are like two peas in a pod. Whether you're looking to buy your new dream home or hoping to free up money for a much-needed renovation, Earnest is ready to help. Using our financial calculator, Earnest can help you determine what you need to get the best loan for your new home or change your ARM to a fixed rate. The average income of the Cockeysville area is on the rise, proving that the local economy is stable enough to support a relocation, refinancing, or renovation. According to city-data, the median household income in Cockeysville was $64,026 in 2013--$20,345 more than it was in 2000, when the average income was only $43,681. Buy into this successful economy with help from Earnest.

Common Questions About Cockeysville 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.