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Monrovia mortgage rates made easy

Although Monrovia is a small town it's essential to have a car, not only for commute to work, but also go get around town and for travel! Earnest can help you find a loan package that is right for you or even help refinance to make handling a mortgage more manageable. With a home and a car in your future, finding the funds can be stressful and aggravating.

Your dream home made affordable

No longer stifled by price, your dream home waits for you in Monrovia

Don't let the cost of living somewhere stop your from living your dreams. This town, rich in community values and surrounded by beautiful land is the perfect location for your next home. Whether you want a large home with your own impressive spans of land, or a smaller home in the town center within walking distance to your favorite restaurants, Monrovia wants you to live there. You shouldn't have to settle on your dream and Earnest wants to make that dream a reality. Join their program and see all that they have to offer, whether you're a first time buyer or a previous homeowner Earnest has an easy and affordable program for you.

Earnest wants to help you in any way that they can

Look to Earnest for everything from a first time loan to refinancing help

Monrovia has become a very desirable place to live. This really shows with the average home value coming in at just above $365,000. This home value means that when taking out a loan your mortgage can soar to about $1,100 over a 30-year fixed rate. While this may not seem doable for some who want to live with a small community, Earnest can make it happen! Not only can they find a way to help find a loan that is right for you but they can help you refinance some of your assets to make this kind of payment a lot more manageable. If these kind of rates don't work for you, Earnest will help find something that does work and will specifically fit your individual needs. Don't worry about missing an opportunity to move into the home and community that you love, look to Earnest to help make your desires a reality!

Common Questions About Monrovia 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.