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Envision your future in Avenue

Avenue is a community rich in history and charm located in Maryland's historic Seventh District. Nestled between St. Clement's Bay and the Potomac River, Avenue is the perfect destination for outdoor enthusiasts and fishermen. Experience fresh seafood cuisine at several family-owned restaurants or travel to one of the many nearby historic sites. Avenue offers an idyllic getaway from the busy suburbs with beautiful rural and seaside landscapes, and a home loan from Earnest can make it happen.

Find peace in the outdoors in Avenue

Unlimited opportunities for fun, relaxation, and travel

Avenue homes are a short drive away from many major historic landmarks, bodies of water, and major cities such as D.C. and Baltimore, making it the ideal spot for those looking for fantastic country living with easy city accessibility. With short commute times, positive job growth and low unemployment rates, there are plenty of opportunities for steady employment. Avenue is a peaceful city with plenty of affordable waterfront and inland properties. Here you'll find unlimited opportunities to explore the great outdoors. Hiking, fishing, hunting—there's an adventure waiting for everyone. Water babies will love the opportunity for peaceful living on the water, while others will find solace inland with quiet country living and quick access to one of the several lakes, rivers, and bays Avenue has to offer.

Your peaceful Avenue home awaits

Tools to make the homebuying process quick and easy

Buying a home is exciting, but it can be a daunting process. Finding the perfect balance between your wants, needs, and budget is no simple task. That's why Earnest is here to help. We offer tools to help make every step of the process as painless as possible so you can spend more time planning for your new future. With Earnest, you can easily compare neighborhoods and learn what amenities Avenue has to offer. We'll help you identify your priorities, then evaluate your financial profile to help you find your target home price. With relatively low median home prices in Avenue, you can enjoy a low cost of living in a peaceful location.

Common Questions About Buying a Home in Avenue

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.