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Create plenty of memories in Oldtown

Oldtown mortgage rates, in comparison to numerous other cities in Maryland, are actually on the rise. While that may sound unappealing, the mortgage rates of Oldtown are still significantly cheaper than the national average. This makes it the perfect time to begin considering investing in a brand new home or refinancing your current home. With spacious homes and a peace of mind—prepare to say welcome home!

Enjoy life on near the water

Living in Oldtown is small town beauty with plenty of big city heart

Oldtown is famous for its beautiful and scenic views of the Green Ridge State Forest. In fact, the entire town feels as if it’s enclosed by forests. With numerous and spacious homes adjacent to this magnificent natural resource, there is an opportunity to get a backyard with pristine and breathtaking views. With the cheapest home on the market, according to Zillow, priced at $79,000 and others ranging all the way to $399,900—there is a price point and style of home to suit everyone. To make the area even more appealing, the crime rate is quite low in comparison to the national average. With a cheap and attractive cost of living and only under 100 people in the entire town (2010 US Census), Oldtown, Maryland is the perfect place to settle down.

Find your perfect mortgage rate

Invest your trust in Earnest and you are investing in your future

Now that it’s the time to settle down, you want to make sure you find a company you can confide in to assist you in getting the mortgage you need. Earnest has years of experience in the industry and has committed themselves to making the process as straightforward and painless as possible. If you have any questions, give them a call and begin finding the reassurance and answers you need. If you already own your own home and are interested in talking about refinancing, Earnest has the experience and knowledge to help you as well. Refinancing is a popular way to free up cash for sizable expenses such as college tuition or major home renovations. If you're interested in changing your mortgage terms, let Earnest help make the process as smooth and straightforward as possible.

Common Questions About Oldtown 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.