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Take advantage of low Sandy Spring mortgage rates

Sandy Spring mortgage rates are very near an all-time historical low, which makes now the perfect moment to consider investing in a brand new home. If you're already a homeowner, it's also a good time to consider whether it makes sense to refinance your current home. The entire area of Sandy Spring is flourishing with luxury, greenery, and new home opportunities! With a range of homes to suit all tastes—Sandy Spring is ready to welcome you home.

Move to Sandy Spring with a mortgage rate for you

Find out which home is perfect for you and your interests

Sandy Spring is full of opportunities for potential homebuyers or anyone seeking to refinance their current home. With the Hampshire Golf Course nearby, Sandy Spring is the perfect area for the golf-lover, the nature-lover, and the luxury lover. Over the course of the past year, Sandy Spring’s average home price has risen roughly 2 percent to $957,000. On the brink of reaching an average price of $1 million, Sandy Spring only provides the highest quality of living experiences. One of the biggest advantages of such a beautiful area is the extremely low crime rate. Say goodbye to fretting and hello to your new community!

Invest a small town with a big heart

With Earnest your mortgage will be easy and simple

Getting a mortgage for your new home can present numerous obstacles and frustrations that can leave you feeling like running away. That's why it’s imperative to speak with a knowledgeable team with years of experience. Earnest understands the industry and understands exactly what you are going through. Give them a call and they will answer all of your questions. Your comfort is only a call away! If you are interested in refinancing the mortgage on your current home, Earnest is here for you as well. Refinancing is a popular way to free up cash for sizable expenses such as college tuition or major home renovations. If you're interested in changing your mortgage terms, let Earnest help make the process as smooth and straightforward as possible.

Common Questions About Sandy Spring 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.