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Thurmont mortgages to make your wallet happy

As spring sits on the horizon, the homebuying season is getting warmer and warmer while potential homebuyers start investigating the scene. First-time buyers may be overwhelmed with the process, especially when considering variables such as neighborhood, mortgage rates, and location. But given all that, Thurmont has to offer, this shouldn't be a concern. Discovering the beauty of Thurmont starts with Earnest.

Make Thurmont one of your greatest assets

Earnest: where loans are made easy

A Thurmont home doesn't just come with property; it also comes with a community. In other words, you'll find a prime location, sterling amenities, and amiable neighbors in this lovely area. With rising home values and historic low mortgage rates, it's never been more of a buyer's market. Financing a mortgage can be daunting, troublesome, and a headache for many, but Earnest alleviates all of those concerns. With our crystal-clear methodology, you'll be amazed to see how easy the process can be with Earnest. And once you see the amount of money you'll be saving, it'll be a no-brainer to seek our consultation to find your next home in Thurmont.

Competitive home prices start in Thurmont

Affordable rates for homebuyers

Zillow's indices illustrate the attractive mortgage rates that Thurmont has to offer. The average value of a home in Thurmont hovers at an impressive $229,300, and values have increased by 2.3 percent over the past year. It gets even better. Zillow predicts that Thurmont's home values will continue to rise another 2.4 percent within the next year alone. Thurmont's value truly outshines its competition in Maryland. Compared with other neighborhoods in the Washington Metro area, Thurmont's rates per square foot come out on top: Thurmont homes sell for an average of $134 per square foot, compared with Washington's $214 per square foot. Thurmont offers affordable, beautiful homes that are perfect for all kinds of homebuyers. Join the community now with help from Earnest.

Common Questions About Thurton 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.