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Cumberland mortgage rates are easy to calculate

Let us walk you through the mortgage process! We have a simple calculator for you to use in order to determine what is best for your budget. According to Trulia, current Cumberland mortgage rates are at around 4 percent, which means that the time to invest is now! Considering how close Cumberland is to Baltimore and its unique historical offerings, Cumberland is worth the investment.

Travel in Cumberland is a breeze

Invest in a perfectly located town

Buying a home can be a headache. We know. Fortunately, tools like Earnest's loan calculator can help you through the process of applying for your first mortgage or refinancing your home. Your mortgage rate will reflect factors such as your credit score, loan amount, loan duration, and more--all calculations we can help you make. Cumberland is one of the best locations in Maryland, so you won't want to miss the opportunity to call it home. Invest today with help from Earnest.

Invest in a gorgeous, rural Cumberland

Embrace your wild side by exploring the rural areas of Maryland

Cumberland is a beautiful small town, perfect for a real estate investment because of its scenic mountain terrain. Embrace nature with the variety of trails and the nearby Lake Habeeb. Cumberland is even close to the Rocky Gap State Park, known for its amazing campgrounds, a sandy beach, and hiking trails. Perfect for whatever living situation you are in, Cumberland is a great choice for anyone interested in fresh air and time away from the city. Cumberland is the perfect place to buy your first home, or your next home. Alternatively, if you're looking for information on refinancing, Earnest can support you throughout the process. Whether you're buying or refinancing, Earnest is ready to help.

Common Questions About Cumberland 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.