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Understand your mortgage options in Eckhart Mines

For a 30-year fixed rate mortgage with 20 percent down, rates are steady between 3.8 and 4.2 percent. As you go down in years to 20 and 15-year fixed rate mortgages, the rates slightly decrease to 3.5 and 3.2 percent. Considering the history of this town, homes are more than affordable and come with a safe community, great public and private school options, and a beautiful setting.

Find the ideal mortgage rate for you

Eckhart Mines' rich background stands it apart from most towns

Eckhart Mines has a median household income of $70,544, which is above the national average. It is a community made up of working professionals. 10 percent of the residents have a bachelor's degree and 82 percent graduated from high school. From some rural spots to the more almost suburban areas, Eckhart boasts a lot of character. No doctors are within city limits, however residents have access to 25 acute care hospitals within 60 miles.

Making your dream home a reality

Earnest Realty will leave you feeling financially confident

New homebuyers in Eckhart Mines have a right to be excited--but of course, before anything else, you need to secure a home loan. Mortgage rates depend on things like credit score, ZIP code of your new home, down payment, and naturally, the purpose of the loan. Your realtor can be a great resource to help you determine if you qualify for any special rates or discounts before choosing your mortgage rate. If you are interested in mortgage rates in Eckhart Mines because you wish to start refinancing, now is a perfect time. From college tuition to much-needed renovations, refinancing is a smart way to free up funds for important expenses. And you can rely on Earnest to help you determine just how much money you can save, regardless of what type of refinancing you wish to do. We're here.

Common Questions About Eckhart Mines 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.