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A future in Big Pool begins here

Located in Maryland's Washington County, Big Pool is a true rural town that satisfies in all seasons. With an extensive supply of homes, recreational amenities, and attractions that locals love, this city is a perfect location for everyone in the whole family whether they are interested in shopping, fishing, history, or cycling. Average home prices are rapidly increasing and that means you'll want to start looking at how you can call Big Pool home today!

Move in and enjoy your rural home

A supple future full of Big Pool's amenities

Just minutes away from Hancock, Big Pool is a place that locals are proud to call home, both for its community spirit and for its many amenities. Its name is also the same name of a large body of water that is part of the Chesapeake Bay and the Ohio Canal so water and its recreational opportunities play a central role in outdoor life in Big Pool. Other central attractions include Fort Frederick State Park, a 250-year-old fort, and the Western Maryland Rail Trail that runs from Big Pool and continues for 23 miles. Whether you're cycling down the rail trail or gathering for brunch at the Clear Spring County Diner, this community offers something for everyone and there is always something to do or see.

Big Pool Homebuying you can't miss

Buying your dream home made fun and easy

The potentially overwhelming process of homebuying should not stop you from discovering your Big Pool home. Buying a home should be fun and interesting, not stressful. Let Earnest make the process a lot easier by identifying your priorities (walkability, commute time, schools, etc.) and put those requirements together with your financial position to accurately assess what you can afford and what your budget will get you. The professionals at Earnest know how important buying your first home is and we offer many online tools that make it easy for you to find a home that is within your spending limits. You can trust us to help you find a home and make sure that your home buying adventure is one that you will always remember (in a good way!). Don't wait any longer to find the perfect home for you and your family.

Common Questions About Buying a Home in Big Pool

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.