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Boonsboro has the perfect home for you

In Boonsboro, situated at the foot of South Mountain, Maryland, you'll find complete contentment among the historic homes and amazing natural monuments. As members of Washington County, the residents of Boonsboro have access to over 70 strong public schools and many reputable hospitals. The town is also a short distance away from neighboring Middletown, Mt. Lena, and Frederick, Maryland, while the houses in Boonsboro are far more affordable. Find a home that fulfills your checklist today.

Elegant homes at prices you won't believe

Make your legacy in a town with a story Choose Boonsboro

If you're looking to become a homeowner, look no further than Boonsboro, Maryland. Located northwest of both Washington D.C. and Baltimore, this town is contained in just 8 square kilometers. However, its size is no indication of Boonsboro liveliness, as the town is thriving with small business and historic attractions. Washington Monument State Park, the National Road, and Maryland's famous Crystal Grottoes are all within a few short miles of the town limits, with easy access to South Mountain State Park and the Appalachian Trail. With the many beautiful and affordable homes to choose from, you'll have a hard time deciding on just one house in Boonsboro. Make an investment here and you'll be buying more than just a house. You'll be calling scenic Maryland your home.

A Boonsboro home can be yours without a hitch

Earnest can help you buy a house in the town of your dreams

By buying a house in Boonsboro, you will have more than just a new home. You'll be living amongst the serenity of the Maryland landscape, close to Frederick Valley and the Appalachian mountain range. With the many beautiful homes to choose from, you'll have a hard time deciding on just one house in Boonsboro. However, before you can make this purchase a reality, you'll have to secure a loan. At Earnest, we help you understand every factor going into homeownership, beyond your financial status and the price of the house. We analyze your credit score and background and compare it to the location and quality of the regions you are considering. With our experience and guidance, you will be assured in your investment. Don't let the uncertainties of the process overwhelm you. Earnest is here to help.

Common Questions About Buying a Home in Boonsboro

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.