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Hughesville mortgage rates made easy

There's never been a better time to buy a house in Hughesville than right now! Home prices have increased, as have mortgages however the amount that people make here has also increased. Now is the time to buy and get settled in the city that people are flocking to. With Earnest this can become easy and even affordable!

Moving here is worth the cost

Hughesville comes with a high cost and yields high rewards

Fear not for the pricing of Hughesville homes and the cost of living! Although it may seem astronomical now, Earnest can set up a plan for you to make residing here a breeze. There are so many amenities offered here and in the metro area that they make living in Hughesville all the more worthwhile. From large strips of fine dining to endless opportunities to shop and even integration into the country's most historical city, D.C. The cost of living may be high but it it because of all that it offers for first time homebuyers and families looking to relocate. Earnest wants you to have a fulfilling and exciting experience in Hughesville and will go to all lengths to find a monetary plan that works for you!

Hughesville homes are an investment

With low rates and helpful agents, Earnest can make your dream a reality

Hughesville is becoming a well-known city with desirable surroundings and a community feeling. This has made it a very sought after place to live, making the home value skyrocket. While this may deter some from wanting to move here, don't make that decision before considering Earnest to help you in this process. Earnest is a long-standing company that has worked with clients for years, aiding them in finding the funds to live in the home and in the city that they choose. With growing mortgage rates in Hughesville it can seem daunting, however with Earnest's help, you can feel comfortable taking a loan that works best for you or refinancing an expensive mortgage to help you live comfortably and not give up other aspects of your life. It's an exciting time to move to Hughesville, don't miss out on this opportunity!

Common Questions About Hughesville 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.