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Dameron has low and affordable mortgage rates

With low mortgage rates and extremely affordable homes, now is the perfect time to purchase a new home. Interest rates are lower than they have ever been. Maryland has continued to see growth in its median home values over the years and is rich in both natural beauty and history. Many residents are already reaping the benefits of investing in a home in Maryland. Dameron is no different and features the same affordability and investment opportunities.

Your memorable home awaits

Get the loan you need to buy the home you've always wanted

There's no shortage of reasons to find your forever home in Maryland and the investment possibilities are absolutely among them. Maryland continues to experience growth both in median income and median home values. Zillow reports that median home values increased by 4.3 percent in the last year alone. Zillow projects further growth of 2.3 percent by next year. It's not only affordable to call Maryland your home but it's also highly lucrative. Mortgage rates are very low at this time, which makes now a great time to buy a home. Bankrate reports that it's currently as low as 3.9 percent for a 30 year fixed mortgage and that will of course only get better with a good credit score and a great down payment. Let Earnest help you get the best rate that you can possibly get so you can enjoy your life and future in Maryland.

A personalized and custom loan process

Unlock the front door to your new home with Earnest

Buying a new home is one of the most exciting journeys you'll ever embark on. Earnest will work with you to make sure that your new home is not only the home you've always wanted but also that the price is within your budget and financial goals. Earnest can take you through every step of the way and make the process as painless as possible. If you've been looking into refinancing, we can help you with that as well. No matter what your home needs are, we can help you get them taken care of so you can get back to living and enjoying life.

Common Questions About Dameron 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.