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Low-cost Fishing Creek mortgages are lucrative

Homeownership doesn't have to be a difficult process. Homes in Fishing Creek are not only are affordable, but they're also a great investment. Maryland is a great place to live not only for the rich history and the natural beauty, but also for the affordable homes that are almost guaranteed to grow in value for years to come. Rates are low and now is the perfect time to invest in your forever home in Fishing Creek for your family today.

A great time to invest in a great town

Your homebuying experience is simplified in Fishing Creek

There's no shortage of great reasons to be a homeowner and the location of Maryland adds more to that list. Homes are cheaper all over the country, but Maryland has some luxurious and historical homes that are not only affordable but also almost guaranteed to return on your investment almost immediately. Zillow reports that median home values in Maryland increased by 4.3 percent just in the last year. Zillow goes on to project additional growth of 2.9 percent for next, so it's best to make your purchase and begin experiencing the benefits of owning a home in Maryland. Rates are extremely low at this time, as well. Bankrate reports that rates are currently as low as 3.9 percent as that's with only a 20 percent down payment, so you can imagine that you could get rates even better with the help of Earnest!

Homeownership made simple

Buying a home was never so easy

Buying your first home can be a very stressful process, but it certainly doesn't have to be. Whether you're buying your first home or your next home, Earnest can help you through the process every step of the way. There are so many benefits to owning a home, and we want to help you experience them today. If you've been considering refinancing your home, let us help with that too. Whatever you're doing with your home, Earnest is on standby and ready to help you get it done correctly and quickly so you can get back to living and enjoying your life.

Common Questions About Fishing Creek 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.