Alert Message

Move to Finksburg with an unbelievable rate

Interest rates throughout the economy are in the dirt, and Finksburg is no exception. Thinking of making a move? Now is the time. Choose from a massive selection of homes in the area that fit all kinds of lifestyles and profiles. We've built a simple calculator to help you find the house that best fits your financial profile.

Find out just where you might fit in Finksburg

So many options, such low rates: stake your claim today

In Finksburg you can live on a sprawling property or a forest cabin at a discount price and rate. There are so many options, so use our online calculator to find out just what you have to choose from. According to Zillow, the median home price in Finksburg is $389,000, as it has been for about two years. The price may rise again soon as the recovery continues, so making a move today would be wise.

Why wait to invest?

Invest in a quaint small town

With so many listings across so many websites for Finksburg, it can be very difficult to see through the noise and truly distill your options. At the moment the median home price is $389,000, but this is up significantly from just two years ago and many homes being sold out of foreclosure are still listed at rock bottom prices. Earnest can help you identify these, customize results to your personal profile, and then find you an unbeatable mortgage to make it happen. It is incredibly easy to get started with Earnest. If you're refinancing in Finksburg, Earnest can help with that, too.

Common Questions About Finksburg 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.