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Kitzmiller mortgages rates are low... act now

As the economy continues to evolve, so does the housing market. Kitzmiller homes are low in cost, but median home values continue to grow each and every year. There are a lot of benefits of living in Maryland and low purchase prices and mortgage rates are certainly among them. An investment in Maryland is an investment in your future as the value of the home is almost guaranteed to grow.

Homebuying finally simplified

With less stress and more benefits, you'll love homeownership in Maryland

The american dream is truly possible when you're buying a home in Maryland. Purchase prices are low and there are some extremely low mortgage rates to be found, as well. Maryland features beautiful and historical homes that are almost guaranteed to grow in value for years to come. Buying a home in Maryland is a highly lucrative decision that you'll be thankful for decades down the road. According to Zillow, median home values have increased by 4.3 percent in the last year alone. Zillow projects that values will increase by an additional 2.9 percent within the next year. Rates are low, too, which makes now the perfect time to buy. Bankrate reports that mortgage rates are currently as low as 3.9 percent with a down payment of only 20 percent. Earnest can make sure you get the best rate available to you.

Luxury living and affordable rates

Contact Earnest for the best homebuying experience today

Okay, so you finally found the home that you've been searching for? Great! Now you just need to secure your mortgage so you can finally own the home you fell in love with! Buying a home for the first time can be a stressful process but Earnest can help make sure it's as stress free as possible by taking you through the whole process one step at time. We can help make sure you purchase the home you've always wanted and that you get the lowest rate available to you while staying within the budget that you give us. Homeownership is easy when you've got Earnest at your side. If you've been considering your refinancing options, then we can help you with that as well. No matter what you need help with, we can get you there more quickly so you can get back to enjoying life.

Common Questions About Kitzmiller 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.