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Attractive mortgage rates in Mardela Springs

Mardela Springs mortgage rates are among the lowest in Maryland. This alone makes Mardela Springs an attractive place to the wise buyer. Affordable homes with waterfront appeal make this market one to watch and consider. The area is excellent for families and couples alike. The quiet nostalgia of Mardela Springs is something that enables homes to hold value regardless of the state of the Homebuying market. The history of the community is one that is passed down and never forgotten.

Lush, woodsy paradise

Picture perfect homes in Mardela Springs

Single family homes are the staple of this community. While many of the houses are ranchers or manufactured homes, many have a bit of history. Most homes contain three or four bedrooms with ample front and backyard space, providing a perfect place to start a family or raise children. What Mardela Springs may lack regarding urban amenities, it definitely makes up for in small town charm. Lush greenery makes for lazy, quiet days on the nearby Barren Creek. Picture perfect trees and wildlife make for a great place for new homeowners to settle down. The charm of the south fused with the allure of the north makes Mardela Springs an amazing place for new residents to explore.

Your next home is in Mardela Springs

Homebuying incentives and reasonable rates

Consider reaching out to your realtor or lender for the latest mortgage rates. Additionally, once preapproval has been attained, inquire about buyer incentives, local homebuying programs, and discounts that may be available to you based on your career. For example, it is not uncommon for federal workers, as well as employees of the state and members of the military, to be eligible for homebuying incentives. First time buyers and members of credit unions may also discover hidden buyer's incentives. Also, decide on what term is best for your finances. Whether fixed or an adjustable rate mortgage, there are sure to be several options available to get you into the home of your dreams

Common Questions About Mardela Springs 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

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