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Hunt Valley mortgage rates for your budget

Hunt Valley features some stunning homes in a part of the country rich with an abundance of true natural beauty. Despite all of its seeming real estate advantages, Hunt Valley remains an affordable option for many homebuyers. Home values have steadily increased in value, which makes them an attractive investment. Median home values throughout Maryland have increased by 4.3 percent and it's projected that they'll increase by an additional 2.9 percent within the next year.

Landing a home's easy in Hunt Valley

Invest in a town that will invest in you

Currently, mortgages in the Hunt Valley area are available for as little as 3.9 percent with a 20 percent down payment. Your personal rate depends on many factors, including size of your down payment and credit history. Earnest can help you navigate the sometimes confusing and overwhelming world of mortgages to help make sure you get a great rate and stay within your chosen budget when buying a home. There are so many wonderful homes just waiting to be purchased in Hunt Valley and no matter what price range you decide on, you're going to love the place you decide to make your home.

You're close to moving into a Hunt Valley home

Earnest makes mortgages simple and painless

Buying a home for the first time can be intimidating. But it doesn't have to be. Let Earnest help you through the process. Not only can Earnest help get you the best mortgage rates available to you but they will ensure that the experience will be as painless as possible. Earnest knows mortgages and will help you get 10 steps closer to move-in day. If you've been looking into refinancing your home, Earnest can help with that, too. Seek out help from Earnest today. You'll be happy you did!

Common Questions About Hunt Valley 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.