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Make moving day happen faster in Damascus

Mortgage rates across the country are more manageable now than ever. Combining great value with a great price, now is the time to purchase your Damascus home. With a wide range of townhouses and single family homes, Damascus is the perfect location for any buyer looking for a great community. Earnest is here to help you take the next big step in your life.

Quality meets affordability in Damascus

Agriculture and athletics, Damascus has traditions that stick

Damascus is the perfect rural getaway for those looking to either settle down for retirement or to raise a family. Under an hour from both Washington, D.C., and Baltimore, Damascus is a great value considering its many amenities. According to Trulia, the median sales price for a Damascus home is $239,900. With values expected to rise by 2.1 percent over the next year according to Zillow, now is the perfect time to invest in Damascus. Do some research to find the balance between price, amenities, and home size that works for you. Then let Earnest help you figure out how to achieve your goals.

Damascus's most practical home loan

A simple application met with rates too good to ignore

Home searches are difficult. Finding the middle ground between what you want and what you can afford, and then figuring out if such a place exists, is tiring and tedious. Then, once you've actually found somewhere you love, figuring out home loans and mortgage rates is the next step to getting a contract. Mortgage rates are affected by a variety of factors, such as location, loan purpose, loan amount, and the like. Discounts are available to certain buyers, such as veterans. Make sure to discuss any potential discounts with your realtor. And, before securing a contract, make sure you are preapproved for a mortgage that can help you move in to your dream home. Let Earnest help now.

Common Questions About Damascus 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

People around a computer

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.