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Suitland mortgage rates perfect for homebuyers

Suitland offers homebuying opportunities to suit everyone, especially first-timers. But with rates on the rise, it is important to take advantage now. According to Zillow, rates in Suitland will rise 3.8 percent by October 2017, meaning less affordability for homebuyers as Suitland becomes better-known. Be sure to pay special attention to rates while you're looking, as an hour of research beforehand may do you good for finding your best and cheapest option.

Take advantage of Suitland rates

Find your perfect home before it's too late

Finding a home can be difficult, but it's all worth it once you've moved in. Or, you'd like to say that, wouldn't you? Don't worry--we'll get you there. Be sure to do all of your research on the area of your choice. Look at foreclosed homes or house flipping for low prices, or locations close to public transportation if you need to get to the city for work. Suitland makes all of this possible as a place where you can find what you're looking for. According to the Census Bureau, there are 10,629 housing units in Suitland, meaning all the more options for you to choose from. But act fast, or you might just miss out on Suitland until prices skyrocket.

Making your Suitland home loan easy

Discover Earnest for fast and easy loan processing

Since you're at a race against the clock, finding a company that can help you beat the rates is important. At Earnest, we've caught up our loan systems to the present through technology. Instead of having to wait for a loan approval, Earnest has you fill out a quick and easy application that will be returned to you within two business days. Not only this, but the loans are flexible, meaning you get to design your own payment plan based on what's best for you and your budget. This is called "Precision Pricing"--and it's Earnest's way of saying you need to pay back the loan, but shouldn't have to go broke doing it. Through this modern program, we will work together to decide on a rate and term that matches what you can pay. Sound too easy? Give it a try.

Common Questions About Suitland 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.