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Discover low mortgage rates in Jarrettsville, MD

Jarrettsville mortgage rates are currently lower than the national average making now the best time to look into purchasing that new home you've always wanted. With the Jarrettsville area offering a large selection of spacious houses and multi-family homes, there is something for everyone, from couples and families alike. We've even included an easy to use calculator to help you get started.

Your dream home awaits in Jarrettsville

Find the perfect home for the perfect price

The median home value in Jarrettsville is currently $340,000. This price has gone up 2.8 percent in the last year and is estimated to increase 2.3 percent within the next year. Filled with spacious houses and green lawns, Jarrettsville is perfect for raising a family, retiring, or simply taking a break from daily office hassle. Although this area is low on the walkability scale, everything you need, from stores to restaurants, are within a comfortable driving distance. Keep in mind that tornado activity in this small city is slightly higher than the Maryland state average and is 21 percent higher than the national average, so make sure to research any and all safety procedures that are put in place within your target neighborhood.

Finding the best home loan for you

Earnest works with you to make your life easier

So you've found the perfect home in the perfect neighborhood. Now all you need is a home loan. The mortgage rates you find will depend on a variety of factors such as ZIP code, down payment, purpose of the loan, purchase price, and of course, your credit score. Make sure to talk to your realtor about any discounts you may be eligible for when researching Jarrettsville mortgage rates. Maybe you've already purchased your dream home and are instead looking to refinance. This allows you to put aside some extra cash into other areas of your life such as college funds, home renovations, or even a much needed vacation. Earnest can help you switch from a 30- to a 15-year term, a fixed rate to an ARM, or vice versa. Whatever it is, Earnest will support you in your search for the best option.

Common Questions About Jarrettsville 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.