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Welcome to peaceful Accident!

Accident is a small, quaint town in Garrett County, Maryland that provides a quiet, serene life in the farmlands. It boasts rich country life at affordable prices with a number of industrial jobs. The town's close knit population and relatively low cost of living, paired with the gorgeous historical landmarks, explain why it’s no “accident” that over 70 percent of the residents of Accident are homeowners.

Accident: A quiet, country town

Accident is a small, quiet town perfect for farm and country life

Accident was one of the earliest settlements in the far west of Maryland, accidentally selected by two different settlers as tracts for their surveys—hence the name. However, do not let the name mislead you: Accident is not a place for calamity, but is rather a quiet town filled to the brim with farmland and country life. The cost of living in Accident is just below both the Maryland average and the national average, making it a perfect place for couples to settle down and raise children. Not only is Accident ideal for growing families in the quiet Appalachian countryside, it also offers great opportunities to expand your business specifically in the construction and manufacturing sector. Earnest will help you find the perfect country home at an affordable price.

Accident: Small town charm with historical roots

Accident, MD features quiet farmlands and historical recreational centers

Accident, MD features quiet farmlands with local businesses and recreational centers rich with history.

Common Questions About Buying a Home in Accident

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.