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Dream rates to match your dream Princess Anne home

As mortgage rates continue to plummet, home values across the country are steadily increasing. Princess Anne is no exception to this rule. With a price per foot in Princess Anne nearly $70 under the Salisbury Metro average, now is the time to buy your home in this quaint, charming town. It is unlikely that the chance to own a home so close to the ocean, for such low mortgage rates, will last long.

A great investment

Princess Anne awaits you

The median price of a home in Princess Anne is $125,000. It bears mentioning that this price is well below the Salisbury Metro average by nearly 53 percent. Concurrently, the average price per foot of land in Princess Anne is $88, significantly lower than the Salisbury Metro average of $155 per square foot. Don't miss out on this opportunity to become a part of a beautiful rural town that has all the amenities of a big city within reach. Earnest is here to help you make the most of this opportunity while it lasts.

The Princess Anne mortgage loan for you

Earnest makes a stressful process easy

The many details which need to be considered during the homeowning process can make securing your dream home stressful. With a variety of houses and neighborhoods to choose from, documents to go over, and budgets to keep, it's no wonder that the process often feels overwhelming. But at Earnest, we firmly believe that the day a homebuyer finally purchases the home of their dreams should be a special, memorable one. To that end, Earnest is here to make the homebuying process simple and stress-free by helping you at every stage of the process. You can start by filling out this simple online application to calculate benefits you might be eligible for.

Common Questions About Princess Anne 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.