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Buy a home in Windsor Mill before it's too late

With mortgage rates on the rise, now is the perfect time to buy a home in Windsor Mill. Windsor Mill is a popular place to live, and you won't want to miss your chance to take advantage of this buyer’s market. Home prices continue to climb, with no sign of slowing down. The Earnest loan calculator can help you figure out the logistics of buying your home in Windsor Mill: This handy device will determine your mortgage rate and save you a headache.

Live well in Windsor Mill

Walk wherever you need, straight from your home

Windsor Mill is part of Milford Mill, a suburb of Baltimore. The neighborhood’s median home value is $189,400. Unlike other nearby areas, Windsor Mill is a walkable community where residents can reach a host of amenities on foot. Many shops, restaurants, bars, and cafes are walkable, making Windsor Mill perfect for families. Ample public transit is available for commuters headed to Baltimore and some of the surrounding areas; however, commuting to other parts of the region can require a car.

Buy your dream home in Windsor Mill

Your dream home in a dream location, all on your terms

If you are single and looking for a home or want to settle down with your whole family, Windsor Mill is the place for you. It has all the conveniences of a city without all the hassle. Windsor Mill offers a thriving community, a host of amenities, and a location close to Baltimore, minus the downsides of city life. Earnest can help you make a successful transition to your new home in Windsor Mill starting today, at a price you can afford.

Common Questions About Windsor Mill 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.