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Hanover mortgages at great rates

Maryland is a wonderful place to live, and Hanover is one of the many reasons. The median home value in Hanover is over $362,300, and values are rising year after year. Zillow reports that median home values have increased by 1.2 percent in the last year alone and are projected to increase an additional 2.2 percent by next year. Now is the perfect time to call Hanover home and invest in your future.

Invest in a cozy home in Hanover

You will love this close-knit community

Hanover is a small community located just south of Baltimore. It has small neighborhoods and plenty of rural areas surrounding it. So if you are looking to start a family or expand your property, Hanover is the ideal location. Mortgage rates are low and affordable in Hanover, so now is the time to purchase your new home. Bankrate reports that mortgage rates are currently as low as 3.5 percent, and that's with just a 20 percent down payment. Just think of all the possibilities once you're all moved in and finally become a homeowner in Hanover.

Invest in convenience in Hanover

You'll love how easy it is to get here

So you finally found the special home you've spent so much time looking for? Congratulations! Now you just need to finish the mortgage process so you can finally be a proud new homeowner. Even if this is your first time, there's no reason to stress; Earnest can walk you through the process every step of the way. Earnest specializes in helping new homeowners secure mortgages as well as in assisting with refinancing. Buying a home is easy when you have help from Earnest. Don't miss out on your chance to be a Maryland homeowner.

Common Questions About Hanover 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.