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Call Glen Arm with an incredible mortgage rate

It's a great time to buy a home in Glen Arm. Mortgage rates are low and there are some incredible prices on truly wonderful homes that you could call yours today! Buying a home in Glen Arm is a great investment that you'll be happy you made as you grow old in your beautiful and stable home.

Earnest can help you get a mortgage today

Great mortgage rates and affordable prices in Glen Arm

It's a great time to purchase a home in Glen Arm. Home values in Glen Arm have been rising for the last few years, according to Zillow. Home values rose by 4.1 percent since last year and Zillow predicts that they will rise by an additional 2.3 percent within the next year. The mortgage rates are also great, so it's the perfect combination to make this a smart decision and also a lucrative one. Bankrate reports that mortgage rates are as low as 3.8 percent for a 30-year fixed mortgage. You could of course get a better purchase price or rate with a bigger down payment and other factors. Earnest can help you through the entire process to make sure that you qualify for the best deal available to you.

Earnest can help you with your Glen Arm mortgage

The mortgage is easy! The hard part is narrowing down which home

First time homebuyers need not worry or stress about this process because Earnest will help you throughout the whole thing. Earnest can not only help you get a great rate on a mortgage, but they will also help you stay within your budget and make sure that all your questions are answered and that everything is making sense. Earnest is familiar with all of the information, knows all of the discounts you might qualify for, what questions to ask for you, and can get the process taken care of quickly so you can start moving in. If you're considering refinancing, then Earnest can also provide assistance. Earnest specializes in both purchasing homes and in refinancing homes and would love to help you buying or refinancing your home today.

Common Questions About Glen Arm 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.