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Low mortgage rates in Little Orleans every day

Rates in Little Orleans are at a low which makes it a great time for those wanting to become a homeowner today. The Little Orleans area offers a broad stock of reasonable homes for all budgets of all sizes. Whether this is your first home or your forever home, an investment in Little Orleans is a smart move for your future.

See what you can possible in Little Orleans

Homeownership simplified in Little Orleans

Maryland homes are extremely lucrative investments and Little Orleans is no different. Maryland median home values have been increasing in value for years and Zillow projects that it's likely to continue. According to Zillow, median home values increased by 4.3 percent within the last year and they're expected to grow by an additional 2.9 percent within the next year. Rates continue to be low in the town Little Orleans which makes now a great time to make your home purchase. According to Bankrate, mortgage rates are currently as low as 3.9 percent and that's with a down payment of only 20 percent.

Easy application, low mortgage rates

The team at Earnest is here to create a custom homebuying experience

Finding the home of your dreams has never been as easy as it is today with the team at Earnest. The Earnest team is dedicated to helping you identify the perfect place to live in Little Orleans, Maryland. Whether this is your first home purchase or just your next home, Earnest can help make sure you get the best rate available to you while also helping you stay within your budget. Earnest knows all the ins and outs of homeownership so they can make the process as stress free and easy as possible. We also can help with refinancing your home if that's something you've been considering. Whatever you're wanting to do with your home, Earnest can help you today!

Common Questions About Little Orleans 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.