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Rhodesdale mortgage rates to fit any budget

With mortgage rates so low, right now is the perfect time for you to find your dream home in Rhodesdale, Maryland. This area is on the coast and offers the best features of both a beach destination and a small town. It's nothing short of a dream come true for any first-time homebuyer who is looking for somewhere special to call home. Rhodesdale gets you away from the city so you can enjoy a peaceful life with your family. Don’t hesitate any longer: make the move to Rhodesdale.

Rhodesdale is the perfect place to call home

Fall in love with a house on the coast, a place you will never leave

Since mortgage rates are at an all-time low, now is the time to make your move to Rhodesdale, Maryland. This wonderful town located along the coast of Maryland is ideal for anyone looking to put down roots and really settle in. The mortgage rates currently sit at an attractive 4.15 percent. The average price of homes on the market in this area is $127,500 according to Trulia. This is perfect for a family that is just starting out. If you have a family, you know how important it is to find a place that values its community and at the same time meets all of your lifestyle needs. When you live in a smaller community, you get a lot more for your buck space-wise than you do living in a larger city. You will also be able to focus on what is most important in your life--your family.

Fantastic rates in Rhodesdale

Fast loan approvals make purchasing a home simple

You shouldn't let concerns about the homebuying process deter you from starting that new life in Rhodesdale. Yes, there is a lot to do and yes, there are a lot of factors to consider and compare. If you are ready to start exploring your options in the area, let Earnest make the home buying process less stressful. We will handle all of your home search needs and find places that fit within your budget. If you are interested in refinancing the mortgage on your current home, Earnest is here for you as well. If the kids are off to college soon or you've finally decided on that kitchen renovation you've always talked about, refinancing will free up cash to make those things happen. So whether you're interested in changing your mortgage terms or looking to find your first property, Earnest can help.

Common Questions About Rhodesdale 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.