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New Windsor mortgage rates without the headaches

While mortgage rates in New Windsor are still at historic lows the mortgage rates are also really low. Bankrate currently shows rates at 4.1 percent. New Windsor is host to a variety of different single family homes. Whether you are looking for a traditional colonial or a newer-styled home, New Windsor has a place for you and your family. According to Trulia, 89 percent of New Windsor residents are homeowners, proving it as a popular home to move to.

New Windsor's small town charm at a great price

Find the right home for you and your budget in New Windsor

New Windsor primarily has single family homes ranging from newer, traditional colonial homes to historic, Victorian style houses. Before finding your new home, make sure you compare local home sale prices and property taxes, to find the neighborhood within your budget in New Windsor. According to Trulia, the median home sale price in New Windsor is currently about $250,000. Which is more affordable than normal for New Windsor. Even though the New Windsor ZIP code is only home to middle schools, nearby towns have close public elementary and high schools that offer quality educations for students.

The right home loan for you in New Windsor

A mortgage process that won't leave you frustrated

When looking for a new home, there is more to do behind the scenes than most realize. Researching which neighborhood you want, what kind of house matches your needs, and what kind of prices you can afford is time-consuming to say the least. Before anyone can close-in on the house of their dreams after all that research, they need a home loan. Earnest can help you prioritize what you want in a home, and then help you finance it. Make sure you figure out how your location, loan amount, down payment amount, etc. can affect your mortgage rates. Don't let refinancing intimidate you. Refinancing is used when you need to make more of your money available. Earnest can help you figure out how to change in your mortgage terms to save you as much as possible.

Common Questions About New Windsor 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.