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White Marsh mortgages unlock doors and dreams

Now is the perfect time to have Earnest help you secure a surefire investment in White Marsh. Home values have risen by 7.7 percent just since last year and a growth of 2.5 percent is anticipated next year. When you buy a White Marsh home, you're doing more than buying a home. You're making an investment.

Buy a home at the rate you want in White Marsh

Your mortgage can open doors

You already know that White Marsh is going to return a profit for years to come. With mortgage rates sitting at attractive levels, now is the time to buy that home you've always wanted. Thirty year fixed mortgage rates are just over 4 percent. Now's the perfect time to buy the home you've always wanted. White Marsh has beautiful homes that continue to rise in value in a stable and safe area. Earnest can work with you and your finances to help find the best mortgage you qualify for.

Earnest takes the stress out of buying a home

Earnest is ready to help you purchase your home

You found the house you want. Now it’s time to get a mortgage to buy the home you’re so dying to show off to friends and family. Earnest can help guide you through this process and make it easier than you’d expect. Earnest will look over your budget and find the best mortgage you qualify for. If you're just wondering about refinancing options, look no further. Earnest can help with that as well. It won't be long before you're putting that money to use on your next project.

Common Questions About White Marsh 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.