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The search for your home in Boring begins here

Boring is located just 30 minutes from Baltimore, making this town a great commuter town for its residents that work in the city. While population in boring is below 100 residents, don't let the name of the town fool you, there is plenty to do just outside of Boring, Maryland. Don't miss out on the opportunity to invest in a quaint, charming, commuter town.

Fall in love with this town

Experience the charm of Boring

Boring, Maryland was not named after its pace of life, but instead after its postmaster David Boring in the late nineteenth century. Asie from its name, Boring is well known for its annual Gas Engine Show and Flea Market held each year in June. These events draw quite a crowd and bring life to the small town. While Boring may lack in amenities, neighbor towns pick up the slack and welcome residents to join in on their amenities and entertainment. If you like small towns with unique character, Boring is just the town for you.

An affordable home in Boring

Take the stress out of homebuying, trust Earnest

Purchasing a home is one of the biggest decisions that someone may make throughout their lifetime. With that said, Earnest is here to make this process as easy, affordable, stress-free, and efficient as possible. With home values predicted to increase steadily within the next year, now is the time purchase your home in Boring. Whether you are looking for a first time home or want to refiannce an existing mortgage, Earnest can help.

Common Questions About Buying a Home in Boring

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.