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Find your dream home in Abell

Just south of Washington D.C. and nestled in Saint Mary’s County is the small but beautiful Abell. With a variety of lovely houses and apartments to choose from, and a view of the spectacular Potomac River, Abell is one of Maryland’s hidden treasures. Whether you are looking for a place to raise the family, a sanctuary to escape the office, or a just a place to settle down and enjoy your retirement, Abell is the place for you to call home.

Abell: Your new community

With a variety of homes and activities, you’ll be moving here in no time

From individuals, families and retirees alike, Abell has the perfect home for you. Choose from a cozy cabin or a beautiful house overlooking the water. There is a wide selection of single-family houses and apartments available and a community that blends urban with rural. Grab Sunday brunch at Morris Point Restaurant or explore the St. Clements Island Historic District. Though this area is low on the walkability scale, everything you need is within driving distance. From tasty restaurants, adorable stores, and sprawling parks, visitors and residents can’t deny: there is something for everyone in this beautiful area.

Abell: Beautiful and affordable

Find your dream home while staying within your budget

With different neighborhoods to explore, houses to discover, local activities to research and commuting time to identify, what can start out as exciting can quickly become overwhelming. Earnest works with you to help you identify your priorities like schools, commuting time, walkability, etc. They analyze your unique financial profile to determine your target home price. So whether you are an experienced homebuyer, or just beginning your homebuying journey, Earnest strives to make it as smooth as possible.

Common Questions About Buying a Home in Abell

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.