Alert Message

Owning a home in North East has never been easier

Mortgage rates are at a low point, but both rates and property values are on the rise, making now the right time to finance a home in North East. North East offers close proximity to major cities Philadelphia and Baltimore, local history, and outdoor activities. North East is the perfect home for families and single residents alike. Let Earnest help you make your North East home happen.

Take advantage of North East's home prices

Whether you're a single person or a family, North East has the home for you

Whether you're aiming for a long-term family home or a small commuter apartment, North East has the space for you. Once you've compared locations and prices and researched property taxes, let Earnest help you finance your home. At a median listing price of $295,000 (according to Zillow), North East homes are a great deal for their close proximity to two major cities, Philadelphia and Baltimore. Surrounded by three parks, the Upper Bay Museum, and a main street with popular stores and restaurants, North East has something to please every type of homebuyer.

The best home loan for North East homebuying

An easy-to-navigate application and low rates

Buying a home can be difficult, but with our help it doesn't need to be. The first step to gaining a contract is to obtain a home loan. After that, researching how your ZIP code, credit score, loan purpose, and the like will affect your mortgage is key to obtaining a fair rate. Once you're preapproved, you are one step closer to purchasing your ideal house. Refinancing your mortgage is similar to the process of obtaining an initial mortgage. Refinancing can help those who need to free up more money for other large purchases. So, however you want to change or readjust your mortgage, look to us to help you figure out what to do and how much you can save.

Common Questions About North East 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

People around a computer

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.