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Get the mortgage you've always wanted in Woodbine

Now that you've found the home you've always wanted, what's next? It's simple! Now you just need to secure a mortgage with the help of Earnest. According to Bankrate, with only a 20 percent down payment it's possible to obtain a 30-year fixed mortgage at 4 percent! The process can seem overwhelming, but there's nothing to worry about. Our mortgage calculator can help you determine what's most comfortable for your financial goals and aspirations.

Find the mortgage you need to thrive in Woodbine

Rates to bring you one step closer to your dream home

According to Zillow, home values are steadily rising and up 2.5 percent just since last year. They are also fully expected to continue to grow in value by an additional 2 percent within the next year. The median price of homes currently listed in Woodbine is $574,990, but there are plenty of homes that are lower and higher in price; it all depends on what you're looking for. From luxury to additional space or a hybrid of the two, Woodbine has the home to suit your tastes. There are many spacious homes to accommodate families of all sizes. It's clear that there's never been a better time to purchase a home in Woodbine. With luxurious homes within driving distance of Baltimore and consistently increasing home values, you simply cannot go wrong!

Unlock all that Woodbine has to offer

Don't let this golden opportunity to own a piece of beauty pass you by

If this is your first time buying a home there's no reason to stress. All that you need to do now before experiencing the joys of homeownership is secure your mortgage. This is a very important process, and you'll want to make sure you research everything so that you can apply for any and all discounts you're eligible for. Earnest is the best at leading you through this important process and making sure that you get the home you desire while staying within the price range that fits your financial plan. If you're interested in refinancing your home to create some additional cash flow for that next big project or phase in your life, then Earnest is still the one you want to walk you through the process. Once you get your mortgage taken care of, you can start living the dream of homeownership.

Common Questions About Woodbine 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.