Alert Message

Low mortgage rates are available in Parsonsburg

Just like the rest of America, Parsonsburg mortgage rates are more affordable than ever thanks to the current buyer-friendly market. However, as the market begins to recover these rates won't be around forever. With traditional homes perfect for couples and families, and plots of land available to build on, take advantage of Parsonsburg's manageable rates.

Watch your money go farther in Parsonsburg

An ideal property for everyone

With great homes perfect for anyone, Parsonsburg can please any type of buyer. For that small-town feel, come to Parsonsburg for a truly relaxing home or weekend getaway. Only a few miles from Delaware, and under an hour from various bodies of water, nature lovers will truly thrive here. Also, low neighborhood crime rates can leave buyers rest assured that they are safe in their own homes. With a median age of 40 in Parsonsburg, according to Trulia, buyers can also feel comfortable knowing that their town will stay relatively quiet and can avoid rowdy neighbors. The end of November, 2016 marked a median home sale prices of $162,000, which is the highest it's been in the past year. So, take advantage and buy your Parsonsburg home before prices climb any higher.

Ease and affordability are key

Manageable mortgage rates and a simple application

Whether you're buying a final retirement residence, a first family home, or a second vacation house, the absolute first step to homebuying is obtaining a home loan. And, a lot can affect these mortgage rates. ZIP code, loan purpose, loan amount, and the like can all make your mortgage higher or lower. Make sure you do your research and discuss with your realtor how your rates can change, and if you are eligible for any possible discounts, such as a discounts for veterans. The research that goes into refinancing a home is pretty similar to when you obtained your initial mortgage. Refinancing is a helpful tool for freeing up some of your own money for life's big purchases-like a wedding! However you want to refinance your mortgage, Earnest is here to help make a plan to save you as much as possible.

Common Questions About Parsonsburg 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.