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Make Adamstown your home

Adamstown is a town built on comfort and family. The majority of homes belong to families at over 85 percent. According to City-Data, Adamstown has plenty of jobs represented across different industries, with the most prominent industry being in scientific services. Adamstown's a nice place to live. Median income is almost $85,000 and median home values are just over $300,000 with both bigger than Maryland's average.

Adamstown is the town for you

Make no mistake your new town is as nice as it is beautiful!

Adamstown is safe. In fact, there are less car accidents than Maryland's average and the neighborhood is beautiful. Homes are worth an average of almost $30,000 more than the state average. Crime for the entire Frederick county is exceptionally low according to City-Data, so you and your family can rest easy and relax. There are over 120 restaurants to choose from, which is especially high considering the size of Adamstown. Public transportation is available in Adamstown, with buses being the primary option but a personal vehicle is recommended for majority of travel. Adamstown is a great place to raise a family, too. There are almost 40 elementary schools and the school system has a GreatSchools rating of 7 out of 10.

It's time to move to Adamstown

You'll struggle to find somewhere as nice and comfortable

Adamstown is a great place to live and it continues to get better each and every day! People continue to move to Adamstown because of the town’s amenities. In fact, the population is up 100 percent just since last year according to Livability. Unemployment has been sharply decreasing since 2010 and the job industry has plenty of variety, with many different sectors represented. From jobs in scientific and technical fields to administration to construction, there are all kinds of great jobs available in Adamstown. It all just depends on what you're experienced in or what you want to start a career in! If you want to continue your education, then Adamstown is a great place to live! There are seven different colleges that within about 30 miles of Adamstown, so you have plenty of options to choose from.

Common Questions About Buying a Home in Adamstown

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.