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Mortgage rates make Stevenson a homebuyer's dream

Stevenson, Maryland is rich in both history and land, making it a wonderful place to make or build a home. Located in the northern section of Baltimore County, this area houses a wonderful university, historic fort, and other attractions. The average mortgage rate for this area sits at a low 4.15 percent, making it even more attractive to build a home. Make sure you move fast to find the perfect place to call home in this area before the rates rise.

Your home awaits for you in Stevenson

Earnest is here to help you find your new Maryland home

Visit the thriving city of Baltimore or other nearby suburban areas while living in Stevenson, Maryland. Living on the outskirts of a city gives you the chance to relax at home with your family without the traffic and rush of people. Stevenson offers you a peaceful atmosphere so you feel like you are constantly relaxed and of course feel at home. The mortgage rates for this area are incredibly low and the costs for purchasing a new home are perfect for any family. The homes in the area are both beautiful and spacious, which is attractive for both families and people who are ready to start a family. Stevenson is also the perfect place for homebuyers who are looking for luxury while living in a small town. Let Earnest help you get through every step of the homebuying process with ease.

Get the best loan for your Stevenson home

Purchase the perfect home for you and your family with help from Earnest

With mortgage rates on the rise, now is the time to make your move to Stevenson. This town is located on the northern border of Baltimore, far enough away to avoid the hassles of city life but close enough to take advantage of all the city offers. If you are a first-time homebuyer, Earnest will assist you every step of the way, making sure you find the best mortgage rate. We'll help you secure a rate that falls in your budget, so you get the most for you money. Already own your Stevenson home? 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. Don't let the process of finding your first home or refinancing overwhelm you. Call Earnest today.

Common Questions About Stevenson 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.