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Delmar mortgages made both simple and easy

Mortgage rates in Delmar average at about 4.0 percent APR, so now is the best time to invest in your new home. With Earnest, you'll be able to find the perfect home in Delmar that you can afford, and that means your needs. Delmar homes are not only affordable but they also have extremely low rates. Purchasing a home in Delmar is a very lucrative opportunity that you'll be thankful for years from now.

Find your place in Delmar

This tight-knit community is waiting for you!

With it's rich history and unique charm, Delmar is the ideal community for you and your family. There are a wide variety of single-family homes available which make it affordable on any budget. According to Trulia, the current median sales price for a home in Delmar is $138,450, and is expected to decrease, so making your dream home in Delmar is within reach. Zillow reports that Maryland has seen median home values increase by 4.3 percent in the last year alone. Zillow projects that there will be additional growth as high as 2.9 percent within the next year.

From mortgage to move-in: fast and easy

Earnest helps you take the next step

Before investing in a new home, any potential buyer must obtain a home loan. Before beginning the process, be sure to educate yourself on what mortgage rates are like in your ZIP code and what options are available to you, and any discounts, such as a Veterans' discount, you may be able to receive. After working with your realtor to find the best fit for your needs, then the search for your dream home begins. Refinancing your mortgage requires much of same information as your first mortgage or a new mortgage. If you're looking to free up some of your home's value for a large purchase or investment or just change the type of mortgage you have, Earnest can help you find an affordable rate that works for you. No matter what you're doing with your home, Earnest is ready to help you so you can get back to enjoying life in your home.

Common Questions About Delmar 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.