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Forest Hill is affordable and beautiful

Forest Hill is the ideal place to settle down. With mortgage rates to fit every budget, affording a home in Forest Hill couldn't be easier. Settle down in a beautiful location and never worry about going outside of your budget. Rural, open spaces are the perfect place to live, work,and raise a family.

Forest Hill: A dreamy area for a dreamy price

Charming and quaint, this area is just for you!

Located near Belair, Forest Hill has much to offer between its location and scenic views. You're never more than a short drive from the nearest shopping area or too far to take a trip into the city of Baltimore. Escape the busy life and settle down in this gorgeous area today. The median price of homes listed in Forest Hill is currently $349,990, based on information from Zillow. The value of Maryland homes has increased by 4.3 percent in the last year, and it's predicted to continue increasing. Now is the best time to invest in a Forest Hill home, before the area becomes unaffordable. For all its amenities, it's worth every penny, so make your Forest Hill investment today.

Finance your dream home in Forest Hill today

Mortgage rates so low you'll think you're dreaming

Whether you're looking to buy your first home or refinance your mortgage, Earnest is here to help you. Both processes are quite similar, and neither needs to be stressful. Earnest helps you determine important factors such as your credit score and down payment to get you the best mortgage rate for your budget. If you're refinancing, Earnest will help you free up the money you need so you can finally start that new project or go back to school. With Earnest, everything is better. So let us give you a hand in moving to Forest Hill. You've picked a great area, and we'd like to find you a great mortgage to match.

Common Questions About Forest Hill 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.