Alert Message

Homebuying is easy in Eden

Mortgages in Eden remain at a 3.8 percent for a 20-30-year fixed rate with 20 percent down, since late October/early November of 2016. Home sizes, styles, and year built vary throughout Eden, which has a demographical breakdown of 58 percent White, 37 percent Black, and 4 percent Asian. Eden is also working on developing a more important focus and emphasis on education. It may be a small town but it's a splendid place to live.

Toss aside that "too good to be true" mentality

Finding the home where families will come together is easy in Eden

Waking up to only the sound of birds chirping, branching swaying with the wind, and squirrels scurrying across your yard is waking up in Eden. No loud vehicles or neighbors, just the natural sounds of nature and the smell of fresh brewed coffee. the median household income in Eden is 30,720. 64 percent of Eden residents graduated high school and 12 percent have a Bachelor's Degree. There are 11 hospitals within 60 miles of Eden, and 1 doctor within city limits. Residents in Eden, according to Livability-Maryland, spend 1.9 percent less than the national average on health care related services.

Earnest Realty will help get your best rate

With a friend like Earnest, you always get your best

Homebuying seems daunting, but with the help of Earnest Realtors, understanding what benefits your qualify for towards your home loan, what you'll be expected to pay, and all other questions, comments or concerns will be answered. Having the Earnest Realty team behind you while searching for homes is the smartest first decision you can make when embarking on this journey. Let the Earnest team help you purchase your perfect home today.

Common Questions About Eden 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

People around a computer

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.