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Denton's ideal home values

With readily available shopping centers, museums, and libraries, Denton provides a social, lively atmosphere. Better yet, its population of 4,334 prevents the town from feeling claustrophobic or crowded. With historically low mortgages now on offer, a Denton home purchase is a rewarding investment for those seeking the cultural stimulation of a city without the noise and frantic pace.

Denton is sure to impress you

You'll find these mortgage rates encouraging

With a median home value of $182,556, an incredible amount less than the Maryland average, Denton offers a wide range of affordable opportunities for those looking to become a part of the community. Plans featuring starting payments of $820 a month with a 3.549 percent APR interest rate are available to those looking for median value houses. Such a low plan will attract many buyers to Denton, so it is important to move in on your dream home fast. Those who apply quickly enough might even become eligible for discounts on these already reasonably priced houses. Between these discounts and the very affordable mortgage rates, buyers won't find themselves struggling to pay off their purchases.

Mortgage rates won't leave you stressed

You'll be amazed at Denton's mortgage rates

Upon discovering the mortgage plans available for your coveted Denton home, you're guaranteed to break out smiling. Long term buyers can use a 30-year mortgage to pay for a median cost house—$217,000—by borrowing the median amount, which comes to a rate of 3.541 percent APR with payments of $974 a month. Other options include payments of $1,115 a month, with a rate of 4.625 percent APR. Still look good? If you find yourself impressed, maybe it's time to look into Denton as your new home. This small suburb allows for equal amounts of relaxation and stimulation, and with rates like those, you'd have to go out of your way to make affording a Denton home hard for yourself.

Common Questions About Denton 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.