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Freeland Mortgages speed up the homebuying process

With mortgage rates more manageable than they've been in years, now is the time to take advantage of America's current buyer-friendly market. With Freeland's real estate catalog featuring a wide array of historic, remodeled, and new homes, there is certainly a property that will meet you and your family's needs. Freeland has great rates, low purchase prices, and many different types of homes that are almost guaranteed to grow in value for years to come.

See how much more you can buy with Earnest

Freeland is perfect for commuter families and retirees alike

Whether you are looking for a new family home or a retirement residence, Freeland has all of the amenities for any type of buyer. Plots of land to build on, historic homes with remodeled kitchens, or newer homes with big backyards make Freeland a place that accommodates single buyers or whole families. Quality nearby schools and a low local crime rate make Freeland a safe and productive place for parents to raise their children. According to Trulia, October 2016 marked a slight dip in median home sale prices in Freeland at $290,000. However, Zillow predicts a 2.5 percent rise in Freeland home values over the next year. So, with lower-than-average prices and an appreciation prediction, now is definitely the right time to buy in Freeland.

Enjoy stress-free homebuying

Take advantage of Earnest's low rates and simple application

Many homebuyers don't fully understand all the ways your mortgage rates can be affected. ZIP code, loan amount, loan purpose, and the like can all decrease or increase your personal mortgage rates. Before making any offers, make sure you discuss with your realtor how your rates can change, and if you are eligible for any possible discounts. Once you've applied for and become preapproved for a mortgage, you can officially start your home search. When refinancing your home, the research should be similar to when you obtained your initial mortgage. While it may seem daunting, refinancing is really a helpful tool for freeing up some cash when you need it for big life moments-like a wedding! However if you want to change your mortgage terms, Earnest is here to help you create a plan to save as much as possible.

Common Questions About Freeland 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.