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Take advantage of Hancock's low rates

Hancock is on its way to transition from a buyer-friendly market back to a seller-friendly market. Meaning these mortgage rates may not be this low next year. With a wide range of quality homes to choose from in Hancock, there has never been a better time to buy. Affordable homes with low mortgage rates make homebuying more manageable than ever. In Hancock, you can find affordability along with the home you've always wanted.

Quality and affordability come together

Beautiful all year round, Hancock is perfect for every type of buyer

Whether you want to buy a single-family home or a plot of land to build on, Hancock has it. With beautiful, natural views from seemingly every angle, Hancock is a great home for families and retirees alike. Quiet, small, but with lots to do Hancock is slowly becoming Maryland's worst kept secret. Get your new home and start a life in Hancock before it's too late! At a median sales price of $55,000 at the end of Summer 2016, a Hancock home is an affordable investment that will only increase in value over time. Whether you're a family looking for a quality schools district, or retirees looking for a calm community to settle down in, Hancock is for you. Low crime rates, great local activities, and driving distance from Washington D.C. makes Hancock the new home you cannot pass up.

The most affordable home loan in Hancock

Make applying for a home loan easy

Looking for a new home should be exciting, not frustrating. Comparing prices and neighborhoods all while trying to compete with other buyers can seem impossible. But, it doesn't need to be like that. Let Earnest help prioritize what you want in a home and how you can afford it. Once we've identified your target home price, we can help finance your new home too. Earnest is here to help make the homebuying process easier. And with our assistance and tools, you're that much closer to move in day! When refinancing the research process is similar to obtaining your initial mortgage. It is really just a helpful to making more money available when you need it for life's big moments. Earnest can help identify what changes you should make in your mortgage terms to save you as much as possible.

Common Questions About Hancock 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.