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Mortgage rates for a new house in quaint Marbury

Marbury is a small, unincorporated town in Maryland, so there is limited information available online to help you price mortgage rates. Earnest can help you there, with our simple calculator to identify your target price range, and knowledgeable realtors who know the market in this charming community.

Your forever home awaits you in Marbury

Enjoy low mortgage rates and a streamlined application process

The nearby marina, state natural areas, and small-town feel make Marbury the ideal spot for anyone searching for a forever home. Fishing enthusiasts will enjoy tournaments hosted at nearby Smallwood State Park. Family activities include a Nature Discovery Center, tours of the historic plantation and tobacco farm, and festive Colonial Christmas. With the median home price in the county at only $270,000, and a population of only 915 residents, Marbury has space for all of your needs, plus room to grow!

Find your charming, affordable home in Marbury

Ease in with favorable mortgage rates and a simplified application

Whether you are in the market for your first house, making an investment, or settling in for retirement, the first step to homeownership is getting a loan. Mortgage rates vary based on numerous factors including ZIP code, purchase price, down payment, and your credit score. Military veterans are eligible for special rates. When researching mortgage rates for Marbury make sure to ask your realtor if you are eligible for any discounts. After preapproval for a mortgage you can start looking for your dream home. The process is comparable for homeowners looking to refinance. Refinancing can help you put more cash in the bank for renovations, home repairs, or other unexpected expenses. Whether you want to change your term from 15 to 30 years, or switch from ARM to fixed or vice versa, Earnest is here to help.

Common Questions About Marbury 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.