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Beallsville is the perfect place to settle down

Beallsville, Maryland is an ideal place for a family. Pick from a wide selection of single family homes and apartments overlooking sprawling green lawns and gorgeous blue sky. While this is a car dependent community, everything is within easy driving distance. With low crime rates and grade schools less than 5 miles away, it's safe and family friendly.

Beallsville: A town you and your family will love

Safe neighborhoods and nearby schools make this town perfect for families

You can rest easy in Beallsville. Nestled in Montgomery County, this small rural town boasts a crime rate well below than the state average. With little to no crime and grade schools less than 5 miles away and a range of activities for all ages, Beallsville is the ideal move for homebuyers with families. Walkability in this area is low, but everything you need is within a comfortable driving distance. Explore Owens Park or take the day off to discover Woodstock Equestrian Park. Sit back and relax at the Old Oaks Tea Parlor or meet friends for coffee at Zaglia’s Bakery Café.

Homebuying without the frustration

Don’t let purchasing a new home overwhelm you−let Earnest help out instead

New living situations are exciting. But with websites to browse through, neighborhoods to research, amenities to prioritize, and mortgage rates to decide upon, the homebuying process can become overwhelming for both experienced and beginner homebuyers alike. With Earnest, the process is simplified. Earnest will help determine your priorities as a homebuyer to find the home price that is right for you. Earnest will help you prioritize what you need while looking at your financial profile. They even provide an easy online application to help you get started.

Common Questions About Buying a Home in Beallsville

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.