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Homebuying is made simple in Westernport

Mortgage rates in Westernport continue to decrease. While in Maryland, median home values keep increasing year after year and for good reason, too. It is a safe and wonderful place to live. Maryland's a great state to plant roots and invest in your family's future and finances.

An enjoyable homebuying experience

Westernport homebuying simplified

Westerport, a residential area in Maryland, is home to many people who have chosen not only a beautiful place to live but also somewhere that was wise to invest in. These residents have been enjoying the benefits of living somewhere with steady growth in median home values for years. Zillow has shown growth for the median home values of Maryland for years, and last year was no different. In just the last year alone, Zillow reports that median home values in Maryland grew by 4.3 percent, and projections show that there will be additional growth of 2.3 percent by next year. Bankrate currently shows mortgage rates as low as 3.9 percent for a 30 year fixed mortgage and it can get even better too. Mortgage rates depend on so many variables including down payment, credit score, and many other factors that Earnest can evaluate with you!

Customized home loan process

Homebuying in Westernport doesn't have to be a pain

Okay, so you found the home that you've spent so long searching for? Great! Congratulations! Now you just need to secure your mortgage so you can buy the home you fell in love with! Is this your first home? There's no reason to fret or stress, because whether this is your first home or your next home, Earnest is here to take you through every single step of the process in purchasing and becoming a homeowner. If you're looking for information on your refinancing options, then we can help with that as well. No matter what you're doing with your home, let us guide you down the path so you can get back to living and enjoying life!

Common Questions About Westernport 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.