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Ironsides mortgages can unlock possibilities

Ironsides is an affordable place to find a home where you don’t have to sacrifice what you really want. The homes would cost more in a larger city but when you consider the splendor of rural Maryland and the nearby waterfronts, it’s no sacrifice. With low and affordable mortgage rates and home values that continue to rise, this part of Maryland is a highly attractive place to invest in real estate.

Affordable mortgages are waiting in Ironsides

Secure a great mortgage with the help of Earnest

There are some great mortgage rates available in Ironsides. Currently rates are hovering just under 4 percent. As with all mortgages, down payments, credit scores, and many other factors can influence the rates that are available to you. We recommend asking your realtor if you qualify for discounts. It's a great time to buy a home in Maryland. Since last year, median home values have increased by 4.3 percent and values are expected to increase by an additional 2.9 percent next year.

Affordable mortgages are in Ironsides

Invest in a town that will return the favor!

Buying a home can be an overwhelming experience, especially if it's your first time. Whether it's your first home or just your next or final home, Earnest can help make sure that you get the best rate that's available to you while also making sure that the purchase price is within the budget that you've decided on. Earnest can help make sure that you get any and all discounts that you may qualify for so that you get the best purchase price. If you're looking into refinancing then Earnest can help with that, too. Before you know it, you'll be putting the money to good use for the next big project in your life.

Common Questions About Ironsides 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.