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Buy your new home in Port Republic today

Port Republic has a small town feel as it rests up next to the Chesapeake Bay. With a variety of historic places to visit and the annual Jousting Tournament held in Port Republic each year, this quaint town is one you won't want to miss out on. Port Republic home values are on the rise. Whether you are in search of a single-family home or a condominium, Port Republic has a home for you within close proximity to the Chesapeake Bay. A home here is a great investment to be a part of.

Make finding your mortgage rate easy

Port Republic cannot wait to welcome you to the community

The median listing for a home in Port Republic is $326,700 and has increased 3.5 percent just this year. These homes are expected to continue to increase in value by another 2.4 percent within the next year, making Port Republic the perfect place to invest in and make your home. With a healthy local economy and low crime rates, these statistics make this area perfect for families. Earnest makes it easy to call Port Republic your home.

Port Republic's best home loans

Homebuying made easy

If you're searching to buy your first home or retire in a historic waterfront community, Port Republic will provide you with what you're looking for. Earnest is the first step toward making this happen! Begin your loan search here with our simple loan calculator, to gain comfort about the unknown aspects that come along with purchasing a home. Also, be sure to communicate with your realtor and ask about any special discounts that you may qualify for during your home buying experience. If you've been thinking about refinancing then we can help you with that as well. It can be nice to access that hard earned money that you've spent years investing in your home to go on a special vacation or finally finish those home renovations.

Common Questions About Port Republic 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.