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Owings mortgages for every budget

You finally found the home that meets all of your needs. Congratulations! Now you just need to start researching your mortgage and you'll be one step closer to walking into your home for the first time. Now is a great time to get a mortgage in Owings as, according to Bankrate, 30-year fixed rates are right around 4 percent. While your rate depends on a variety of factors, there are afforable mortgage options for everyone in Owings.

Find the home and price you want in Owings

Owings has all that you wanted and yet more than you ever expected

With median home values that keep growing each and every year and a constantly growing population, there's never been a better time for you to buy a home in Owings. As a matter of fact, Zillow states that home values have increased by 2.9 percent in the past year, and predict that they will rise another 2.3 percent within the next year. It won't be long before your home is worth much more than your initial investment. It's a smart time to not only invest in yourself but also in your family and its future. You can rest easy knowing you made a safe purchase that is almost guaranteed to grow for years to come!

You can't afford to miss out on living in Owings

Don't miss this golden opportunity to invest in the future

Whether it's your first homebuying experience or you've been around the block, the process starts with getting a loan. As you research your many loan options, don't forget to ask about any discounts for which you may qualify. Earnest is perfect for first-time homebuyers because we have a smart system for helping you identify your needs while keeping you under budget. Meanwhile, if you're considering refinancing your home to free up extra money for a special moment in your life, such as paying for your children's college, it's still best to go through Earnest. We can help find you the best available rates and get you over the paperwork hurdle, en route to using the funds as planned--instead of worrying about how to handle it all. Let us help.

Common Questions About Owings 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.