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Ridgely mortgage rates you can't afford to ignore

Currently a neutral market, there are many Ridgely homes available at affordable prices. While most homes in Ridgely are traditional, single-family homes, there are also many large plots of land available as well if you are looking to built something different. According to Trulia, median home sales prices were at $181,000 at the end of November 2016. With these manageable prices and mortgage rates being more affordable than ever, now is the time to buy in Ridgely.

See how far your money will go in Ridgely

Choose from either a traditional home or build your own

With a wide range of available real estate properties, there is something for every kind of buyer. From acres of land to build upon, to classic colonial single family homes, Ridgely has it. With small town charm and a tight-knit community, buying a home in Ridgely is buying into a rich history and an involved group of neighbors. Whether you want to enjoy the local parks, visit the historic sites, or help plan the annual Strawberry Festival, Ridgely will welcome any new buyer with open arms. Great local schools will please new families and Ridgely's scenic and peaceful charm will win over retirees or those looking for a vacation home. Late Fall 2016 marked a dip in the median home sales price at $181,000, according to Trulia. So start looking into buying your Ridgely home today.

The home loan you want in Ridgely

A simple application process with low rates

When buying a new home, first and foremost every buyer's first step needs to be securing a home loan. Mortgage rates can be affected by a variety of factors: loan purpose, loan amount, credit score, ZIP code, down payment amount, and so on. Talk to your realtor to discuss how your mortgage rates can change, and if you are eligible for any discounts. Such as a veteran's discount. Once you've applied and are preapproved for a mortgage, you're one step closer to your dream home! The research that went into securing your initial mortgage doesn't differ too much from when you're refinancing. Refinancing is a very useful tool for freeing up some of your money for upcoming big purchases. No matter how you want to change your mortgage terms, Earnest is here to help make a plan and save you as much as possible.

Common Questions About Ridgely 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.