Alert Message

Start the new year in a new Glenelg home

If your tastes run to the colonial-style, Glenelg is the place for you! Glenelg is known for its beautiful greenery, impressive homes, good schools, local amenities and easy access to the big city. With mortgages similar in size to the town, Glenelg is truly one of the perfect towns to settle down in. Once people settle in the area, they tend to stay which might explain why there are under a dozen homes left available. Who wouldn't want to live in such a beautiful town?

Live in a beautiful town

Glenelg offers luxury living and beautiful homes

If you're dream lifestyle including the luxury of a major city combined with the quaintness of a small town, then Glenelg is perfect for you. Known for its sophisticated yet humble green gardens, Glenelg currently only has a population of around 1,800 people. The small size is not an indication of smallness in spirit and sophistication, however. This town has both in abundance. In addition to its beautiful greenery, Glenelg is also known for its job opportunities, good education system, and wonderful nature experiences. Currently, the market of Glenelg offers a little under a dozen homes ranging from $680,000 all the way to $2,000,000. In comparison, this is above average for the listing prices of Howard County, which currently stands at $496,293.

Making your home loan easy to understand

An easy step method to achieve your dream home

If you are in the market to buying your first home, or maybe in the market to refinance your current home, Earnest is here for you. Sometimes in the home-buying process and the refinancing process, it can get a bit confusing. There is a lot of information to process, decisions to make and on occasion, confusing applications to navigate. Not with Earnest. Earnest will break down the numbers for you and provide you with the best possible outcome for your decision. Whether it involves changing your mortgage term or ARMs, Earnest has the practice and knowledge to provide you with the best answer and experience. Prior to buying your home or refinancing in Glenelg, contact Earnest with all your questions.

Common Questions About Glenelg 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

People around a computer

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.