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Affordable mortgage rates in Mount Rainier

Mortgage rates in Mount Rainier are currently at an all-time low. In fact, mortgage rates here are lower than the national average, making right now the perfect time to buy your new house. With a large selection of single family houses to choose from, a variety of shops and activities in walking distance, and the nation’s capital just a drive away, there has never been a better time to move to this area. We've even included this easy-to-use calculator to help you get started with the process

Get ready to make your new home!

Discover Mount Rainier, Maryland, the city that has something for everyone

Having already risen over 19.0 percent in the last year, the median home price in Mount Rainier is currently $343,500 and is predicted to increase by another 6.8 percent in the next year or so. With the home value rising at such a steady rate, and more and more families moving into the area, purchasing a home now in Mount Rainier is not only a good investment, but a wise one. Not only is Mount Rainier full of affordable single family homes, but it ranks high in walkability. So whether you're looking to checkout a local restaurant, museum, or even coffee shop, chances are they are within a comfortable walking distance of your new home. As winter storms in the area are common, and tornado activity here is slightly higher than the national average, don't forget to research any and all safety procedures within your target neighborhood.

Find your dream home while staying in your budget!

Low mortgage rates and easy applications for Mount Rainier homes

Congrats: You've found the place you want to call home. Now, the next step: securing a home loan. Mortgage rates depend on a wide range of factors such as your credit score, desired ZIP code, your home purchase price, and the reason you're applying for the loan. It's always a good idea to bring up the topic with your realtor beforehand to see if you qualify for any discounts or special rates. Maybe you're researching mortgage rates in order to refinance. This technique allows you to put aside some extra cash for important priorities and events, from college tuition to that big trip you've been planning. Whatever the occasion, Earnest keeps the process simple. We'll help you to switch from a 30-year to a 15-year term, or vice versa, or even to switch from a fixed rate to an ARM. Find the best possible option when you work with Earnest.

Common Questions About Mount Rainer 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.