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Getting your mortgage in Ellerslie

In this small Maryland town, the mortgage rates are at a historic low, averaging about 3.83 percent for a 30-year fixed rate plan, according to Zillow. If you're purchasing a house, don't let Ellerslie pass you by. Investing here is a sound choice, and you'll be surrounded by some of the most beautiful scenery in the state.

You won't believe these rates or these houses

Wake up with a majestic vista every morning. Choose Ellerslie.

Families, retirees and single residents will all find a house and community for them in Ellerslie, Maryland. However, with the rates in Ellerslie at all-time lows, you should purchase property now while the home values are on the rise. The houses in this small town are less expensive than those of the surrounding areas, and you'll have the rustic nature of the Alleghenies in your backyard. With many different architectural styles for you to choose from, you are bound to find your perfect space in Ellerslie. Bring some peace and quiet to your life, all within the proximity of bigger--and more chaotic--neighboring cities. Take the next step and make Ellerslie your home.

Ellerslie homeowning made easy

Refinancing and first-time loans can be yours with Earnest

Ellersie's welcoming community and beautiful scenery alone are reasons to move to this countryside town. Once you've seen the prices on the houses here, you'll be sold. But looking at mortgage rates and loans is also an important step when beginning the process of buying a home. Earnest is ready to compile all information you'll need so you can make an informed decision before you invest. We will be there to answer any questions you have, and we will analyze both your financial situation and your list of "must-haves" in order to find a match that suits both categories. If you are buying a house for the first time or refinancing your mortgage on an existing property, Earnest will help you secure a loan. Let us guide you through this journey.

Common Questions About Ellerslie 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.