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Discover more with a Williamsport mortgage

According to Bankrate, mortgage rates are just over 4 percent for a 30-year fixed mortgage, and with home values on the rise, it's the perfect time to pick your forever home for you or your family. There are plenty of homes to choose from, whether it's you and a special someone, your family, or you're just starting out and wanting to settle somewhere nice.

Discover what's truly possible with your budget

Stop looking. Williamsport is ready for you to call it your home.

With a variety of homes to choose from and a focus on family, Williamsport is the perfect place for you or your family to build a future in. According to Zillow, the median home value is 178,900, which is 3.1 percent up from just one year ago. Zillow predicts that the home values in Williamsport will continue to rise which makes it the perfect place and time to invest your future in!

A house you can afford at rates you'll love

Don't miss this opportunity to create a future that you'll be proud of

Whether this is your first home or your next home, it all starts with with securing your loan. Loans can vary based on a few different factors including down payment and many other factors. As you research your options, make sure to factor in everything and ask about discounts that you may be eligible for. Earnest is great for first time homebuyers because they can help you identify and stay within your financial goals. Once you're pre-approved for your loan, you can begin making the house you decide on into the home you'll reside in. If you're interested in refinancing your home to create additional funds for the next big purchase or project in your life, the process isn't too different. Earnest can help find the best rate available to you so that you can focus the next step, instead of worrying about how you'll get it all taken care of.

Common Questions About Williamsport 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.