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Expedite your Union Bridge homebuying process

Union Bridge is host to a wide catalog of new and historic single-family homes near local attractions waiting to be your new home. With local prices on the rise and mortgage rates lower than ever, it is the time to buy in Union Bridge. Whether you want to buy a new family home, or settle down into a retirement residence, look to Earnest to help you in Union Bridge. With our assistance and tools, we can make your dream home a reality.

See how far your money can go in Union Bridge

New or historic, find the right home

Union Bridge is home to a wide range of available homes. Whether you want a classic neighborhood or acres to yourself, Union Bridge can accommodate. New homes with remodeled kitchens or historic homes with the original structure, you can find the right home at the right price here. With great local businesses, nearby quality public schools, and Baltimore only an hour away, Union Bridge homes are extremely affordable in comparison to all the amenities that come with living here. Local median home sale prices are on the rise at $306,250 according to Trulia. Make now the time to buy your Union Bridge home. Take advantage of the great public schools, prosperous local businesses, and low crime rates. Stay safe, happy, and smart by buying you Union Bridge home today.

The best loan for your Union Bridge home

Make applying for a home loan affordable and easy

Most new homebuyers do not realize how many factors actually affect mortgage rates. ZIP code, credit score, loan amount, down payment amount, loan purchase, and the like can all raise or lower your rates. Before making any decisions, make sure you discuss with your realtor how your rates can be affected and if you're eligible for any discounts. While all of this may seem overwhelming, it's a necessary step to take you closer to move in day! When refinancing your home, the research is similar to obtaining your first mortgage. Refinancing is a useful tool for homeowners that need some more money available for upcoming large purchases, such as a wedding! No matter how you want to change your mortgage terms, Earnest can help you make plans to save you as much as possible.

Common Questions About Union Bridge 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.