Mortgage rates in Odenton have reached a low number, making livability affordable for all! Now is the perfect time to buy and sellers are more than eager to do business with you. With a large range of home and apartments, there's something for everyone in this growing city. Earnest makes it easy to contact with a loan specialist and choose the type of mortgage plan that's right for you.
Illustrious home or quaint apartment, this city has a place for you
Odenton, located in Ann Arundel County, has a large variety of spacious houses and upscale apartments. Both can be purchased or rented; a wide variety of options to choose from! Whether you want to live in the heart of the city or spend time in a big backyard, Odenton will provide a myriad of options for the homeowner. Sales prices according to trulia.com are at $315,000 and bankrupt.com states that the majority of mortgage rates fall within the $1,200 range. Figure out which would be the best option for you.
Any home you choose will reap great rewards. While not a walking friendly city, it more than makes up for it’s car-dependency. There are 135 different restaurants, bars, and coffee shops in the area. Don't worry if you don't have a car or access to public transportation, Odenton offers five car share options through Relayrides!
Earnest has the best deals for homeowners
Low rates and an easy process makes home owning trouble a thing of the past
Whether you're a seasoned homeowner or first-timer, securing a loan for homeownership can be confusing and, at times, frustrating. Earnest has a system that makes it simple and stress free. We have step-by-step guides and we work with you to come up with the plan that fits your needs. Earnest makes it easier to find the home of your dreams for a price equally dreamworthy. We help you sort out your priorities for home and life in Odenton, such as commute, schooling, walkability, public transportation, and more.
If you're an Odenton homeowner simply seeking to move your money around, Earnest is the best place to help you do that. Refinancing a mortgage can help free up money to pay for other large-scale purchases such as your kids' college tuition. Mortgage refinancing plans can span from 15 to 30 years. Let Earnest help you save and find a refinancing structure that works for you and your plans.
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.
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.
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.
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.
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
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.
The average savings calculation is the sum of all projected savings divided by the number of clients included in the projected savings calculation. These calculations assume that clients’ interest rates will not change over time, that clients make all payments on-time, and that no loans will be prepaid.
Here’s what our math includes:
Projected savings for clients who provided outstanding balance, APR, and current monthly payment amount for their existing student loan(s)
Both fixed and variable rate loans
And here’s what our math excludes, and why:
Savings from any client who stated that the current interest rate on their loan was greater than 12%. (Why: this is intended to filter out any cases where client error may skew the savings calculation higher.)
For any client who stated that the projected term of their loan was greater than 25 years, we do not include in our calculation any additional savings that might be realized if their existing loan were to take longer than 25 years to pay off in-full. (Why: 25 years is the maximum term allowed for a Federal student loan, or the cap on any Federal student loan under Income Based Repayment.)
Savings from any client whose indicated monthly payment was not sufficient to pay down the loan balance over time. (Why: this is intended to filter out any cases where the client misstated either their monthly payment amount, interest rate, or both.)
All refinancings by clients who chose a longer term than their existing student loan. (Why: some clients choose longer loan terms to match their monthly loan obligations to their unique life circumstances; while we encourage clients to take advantage of Earnest’s flexible term and monthly payment features, these cases are not indicative of the savings that result from lower rates through better data.)
Explanation of Rates “With Autopay”
Rates shown include 0.25% APR reduction where client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.
Explanation of Precision Pricing™ Savings
Savings calculations are based on refinancing $121,825 in student loans at an existing loan servicer’s interest rate of 7.5% fixed APR with 10 years, 6 months remaining on the loan term. The other lender’s savings and APR (light green line) represent what would happen if those loans were refinanced at the other lender’s best fixed APRs. The Earnest savings and APR (white line) represent refinancing those loans at Earnest’s best fixed APRs.
Savings is computed as the difference between the future scheduled payments on the existing loans and payments on new Earnest and “other lender” loans. The calculation assumes on-time loan payments, no change in interest rates, and no prepayment of loans.
Individuals portrayed as Earnest clients on this site are actual clients and were compensated for their time to participate.