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Now is your time to buy a home in New Market

"Deemed as a colonial rest stop by locals surrounding the area, historic New Market lays in Frederick County just between Frederick and Baltimore. With years of history, New Market brings antiquated charm with its gorgeous homes and valuable properties. That's because homes in New Market have competitive rates, showing that even though New Market is reminiscent of the past, it's looking towards the horizons with expeditious growth. "

New Market properties bring value

Dive into the buyer's market

New Market homes are geared towards a buyers market, as illustrated with how much homes have increased in value over the past year. With a 3.5 percent increase in the past year followed by a 2.7 percent increase within the next year thanks to data from Zillow, New Market homes are nothing short of valuable. The median price of homes currently listed in New Market is $399,999, and with its expected increase in value, that number is inevitably forecasted to rise. Whether you're looking for a beautiful home overlooking multiple acres of land or your preferences are more geared towards an apartment rental, Earnest is here to help you find your new home. Mortgage rates in New Market range from 4 percent to 4.4 percent under a 30-year period, but with rates expected to rise, now is your chance to purchase your new home.

Only minutes from what's important

New Market: a perfect medium for commuters and those looking to settle down

The proximity of New Market to Washington D.C. and Northern Virginia increases the attraction to any homebuyer due to its phenomenal location. Surrounded by prestigious institutions, historic land sites, and scenic nature, the properties in New Market derive their value from their incredible location. Not to mention, the area is paired with amazing restaurants and family-filled activities to do. It's the perfect place for any age, which is reflected in its increasing population. In years to come, New Market properties will only increase in value as more as more commuters funnel into the outreaches of Maryland. Now is the time to beat the crowd, explore properties and the sights that New Market has to offer, and find your new place today.

Common Questions About New Market 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.