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For a 30-year fixed rate mortgage with a 20 percent down payment, rates range between 3.9 and 4.2 percent. A 20 years fixed rate has rates that fall in between 3.7 and 4.1 percent, and a 15-year fixed rate has rates varying between 3.1 and 3.5 percent. It's always essential to consult an expert when deciding what rate is best for you and your needs.

Learn about Drayden

Many choices for education and health

Drayden has many options for education. St. Mary's County Public School District offers 18 elementary, 22 middle, and 4 high schools, and an estimated 680 students are currently enrolled in the public school district. In addition, there are a variety of private school options with 30 elementary, 30 middle, and 4 high school choices. There are approximately 2,680 students currently enrolled in private school throughout St. Mary's County. Healthwise, you could do far worse: Ten minutes away from Compton, there are 446 doctors within the city limits, and 37 hospitals within 60 miles. Compton ranks 7th in health outcomes, 11th in health factors, and 12th in healthy behaviors out of 24 counties.

Find your best mortgage options

Buying a home or refinancing in Drayden

Securing a home loan is the first step to your new adventure in Drayden, Maryland. Naturally, a variety of factors combine to determine what mortgage rates are available to you--from credit score and ZIP code of your target neighborhood to down payment and purchase price. Perhaps you're looking into Drayden mortgage rates in order to start refinancing. Refinancing allows you to free up funds for a variety of other life priorities such as college tuition or much-needed home renovations. Whether your goal is to switch from an ARM to a fixed rate, or to change your term from a 15-year to a 30-year, Earnest can help you save.

Common Questions About Drayden 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.