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Mortgage rates for Nanjemoy

A low mortgage rate will make finding your woodland escape home in Nanjemoy, Maryland stress-free. Housing prices in the town are varying, with some on the Potomac River and some in the peaceful suburbs in the middle of town. Nanjemoy offers a quiet place to escape the stresses of the fast paced life working in Washington D.C. The beautiful scenery makes a house in Nanjemoy the right choice.

A magnificent home in Nanjemoy

Mortgage rates in this historic little town will have you loving life more

Pinpointed right on the Maryland side of the Potomac River across from Quantico, Virginia and historic Fredericksburg, Virginia Nanjemoy is a beautiful town filled with lovely foliage. The median sales price for a house in Nanjemoy is just under $240,000. For a price like that a house in Nanjemoy is reasonable for one of the most beautiful areas in the United States. There are houses available that are right on the water. For those that love the outdoors this is a perfect town because has easy access to all the types of areas that make those activities possible. Close to Washington D.C. if you want a taste of the city life or want to commute to a job in the city with less of a population than a city suburb Nanjemoy is the place.

A home in Nanjemoy is a home you will adore

Low mortgage rates make moving easy

It does not matter whether you are buying your first house, investing in a property, or looking for a good place to retire, the first step to securing a contract for a house is getting a loan. Mortgage rates vary based on a good deal of factors, such as the purpose for the loan, ZIP code, purchase price, down payment, and credit score. Military veterans are eligible for special rates. When researching mortgage rates for Nanjemoy make sure to ask your realtor if you are eligible for any discounts. After preapproval for a mortgage you can start looking for the place you have been dreaming of. Refinancing a mortgage: If you are researching mortgage rates in Nanjemoy because you mean to refinance, the process is comparable. Refinancing can help a homeowner put a little bit more cash in their pocket for the next big adventure.

Common Questions About Nanjemoy 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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