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Girdletree offers great value

For a 30-year fixed rate mortgage, rates fall between 4 percent and 4.5 percent. A 20-year fixed rate mortgage has rates that vary between 3.8 percent and 4.2 percent. A 15-year fixed rate has rates that fluctuate from 3.2 percent to 3.6 percent. Mortgage rates are low in Girdletree. Surrounded by land-based and aquatic natural habitats featuring the beauty and serenity that Worcester County offers, Girdletree is the perfect place to invest in a home without overspending.

Healthy and happiness awaits in Worcester County

Healthy Lifestyle Encouraged in Girdletree

Girdletree presents residents with a variety of healthy lifestyle opportunities. If you’re seeking fresh air and sunlight, Girdletree has what you need at an affordable price. The median house price in Girdletree is lower than the state average, and homebuyers are getting big homes for smaller prices. It offers coastal Maryland living at an inland price. As a waterfront town, shopping and dining options are plentiful.

Simple homebuying process

Let Earnest make things easier for You

If you are looking to purchase a new home, refinance a current home or purchase investment property, Earnest can help make the process simple. While the waterfront lifestyle and quiet life in Girdletree is attractive, the process of purchasing a home in Girdletree can be complex. Count on Earnest to help you get through the process. The first step is securing a home loan. Rates may depend upon several factors so it is important to work with a realtor prior to working with a lender. Earnest is always ready to help you through the process and make home buying smooth and easy.

Common Questions About Girdletree 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.