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Owning a home in Upper Marlboro is easy

Mortgage rates in Upper Marlboro are at affordable lows! With sites that help calculate purchasing and refinancing your home based on individual capabilities, procuring an achievable loan has never been simpler. Factors like credit score, product, loan amount, and points cater to your target prices.

Affordable mortgage rates in Upper Marlboro, MD

Charming community and friendly neighbors await you in Upper Marlboro

Upper Marlboro caters to families and retirees alike, with lush, open spaces and classic crown-molded manors. Located just west of the Patuxent River, residents have the option between enjoying views or traditional eastern foliage. Understandably, you will want to compare home prices. As reported by Trulia, median home sale prices of $270,000 make luxury living an affordable investment. In rural seclusion, Upper Marlboro homes are a distance from each other. While walkable, most residents choose cars as a primary form of transportation. Further adding to its charm, Upper Marlboro boasts low crime rates, which is reassuring for families with children.

Achievable home loans in Upper Marlboro

Optimal mortgage rates and simple application await

Let's face it: Securing a mortgage is often a stressful process. However, understanding basic mortgage rates can reduce the stress of it all. Loan purpose, down payment, and purchase price are just a few necessary factors when it comes to determining mortgage rates. Earnest will help you get your ideal mortgage for your ideal home in Upper Marlboro. We use an individualized approach to address your target home prices and location preferences. We can help with refinancing too. Whether you're refinancing to obtain lower interest rates or to procure a fixed rate mortgage, Earnest will guide you through the process. We explain and identify options that will fit your needs.

Common Questions About Upper Marlboro 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.