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Your dream home at your dream price

Across the nation, mortgage rates are at an all-time low. Middle River is no different. Take advantage of all the restaurants, attractions, and opportunities Middle River has to offer at a price below the Maryland average. Whether you're hunting for your first home or hoping to refinance your mortgage, now is the time to get started--and Middle River is the perfect place to settle down. Invest now and own the home you've always imagined.

Lose your stress, win a community

In Middle River, you'll want for nothing--starting with a home

The average home value in Middle River is $190,600, and it's only predicted to rise. Zillow cites that in the past year alone, home values increased by 3.6 percent, with another 2.3 percent increase estimated for the year to come. For potential buyers, now is the time to invest. Houses on the market are listed below the national average and can be found for a median price of $160,000. Mortgage rates are comparable to national rates, hovering between 3.6 percent and 4 percent, with great fixed refinancing rates for 15- or 30-year plans. Don't miss your chance to find a home you love at a price you can't turn down.

Middle River home loans without a hitch

Easy, accessible home loans for your new place with Earnest

Just as you’ll need all the right information to buy a home, you'll also need a loan. At Earnest, we take more than just your credit score into account: We consider all the factors that will make you a successful homeowner and combine them with the best places to own a home. For young people looking to settle down in Maryland, Middle River is a great choice at a great price. If you're trying to refinance a mortgage, Earnest has you covered. The rates in Middle River hover around 3.6 percent to 4 percent fixed APR for a 30-year refinance option, and around 2.8 percent to 3 percent for 15-year plans. Because the average sales price of a home in Middle River is lower than the national average, your money will go farther in this community than elsewhere. Invest now and watch while your home value grows.

Common Questions About Middle River 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.