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Streamline the Marriottsville homebuying process

Just like the rest of American, Marriottsville mortgage rates have never been so affordable. With a wide array of new and historic homes available, Marriottsville can certainly please any buyer. Quality public schools, great nearby shopping centers, restaurants, and close proximity to Baltimore and Annapolis prove that you will never be bored with a home in Marriottsville. Utilize the tools provided by Earnest to help you find your target price range.

Invest in your future

Perfect for families, Marriottsville has it all

Whether you want a new or historic home, a classic neighborhood, plentiful land, or close or far from town, Marriottsville has it all. Before making any offers, remember to compare what other homes in the area have sold for and what the local property taxes look like. According to Trulia, median home sale prices in Marriottsville were at $610,000 at the end of November 2016. Considering Marriottsville's prime location, low crime rates, and other amenities, this price is very fair and should be taken advantage of as soon as possible! Homebuying should be an exciting process and as stress-free as possible.

Buying in Marriottsville has never been so easy

A home loan that won't give you a headache

Buying a home can be confusing. With so many factors affecting your mortgage rates (ZIP code, loan amount, credit score, etc.), make sure you utilize all of your resources to understand where you stand with homebuying. Discuss with your realtor how your mortgage rates can be affected based on your information. Also make sure to ask if you are eligible for any discounts, such as discounts for veterans. Once you're preapproved for a mortgage, you're a step closer to owning a home! If you're refinancing a home, the research isn't too different than when you initially obtained your mortgage. While it may seem scary, refinancing is actually a useful tool to making more of your money available for life's big moments. Talk to Earnest about how you can best refinance your mortgage to save you as much as possible.

Common Questions About Marriottsville 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.