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Finding your perfect mortgage rate in Crapo

Crapo's mortgage rates right now make it ideal place to become a homeowner. A 30-year fixed rate mortgage with 20 percent down has rates at 3.8 percent and higher. If you're looking at a 20-year fixed rate mortgage, rates are even lower. And if this sounds complicated, don't worry: We have even included this easy-to-use calculator to help you get a jump start on the process. There has never been a better time to purchase a home in Crapo.

Find comfort in Crapo

What every homeowner should know

Walkability in Crapo is low: A car is necessary in order to get around. As far as schools go, the Dorchester County Public School District has 8 elementary schools, 10 middle schools, and 3 high schools. There are currently 2,510 students enrolled, and approximately 110 students are currently enrolled into the nearby private schools. Cambridge, being the county seat of Dorchester County, has 40 hospitals within 60 miles and 72 doctors within city limits.

From mortgage to move-in

Earnest Realty will be there every step of the way

The foundation of a good family is a solid home--and finding the right place to live in Crapo starts with getting approved for a home loan. Even the most budget-conscious buyers can benefit from professional guidance when it comes to securing a low mortgage rate to help build a stable financial life in a new home. Whether you're buying your first home or your fifth, the right realtor can help you get the best deal available, putting you in the position to find something that appeals to you, not just your wallet. If you are researching mortgage rates in Crapo in order to start refinancing, Earnest also has the resources to empower you with the best rate and the most up-to-date knowledge about your options. Whether you switch from an ARM to a fixed rate or renegotatiate the length of your payback terms, a smart refinancing plan can free up a lot of money to put toward your other big goals, from investing in your education to your own business.

Common Questions About Crapo 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.