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Amazing houses at amazing prices in Boyds

In this unincorporated community in western Maryland, the atmosphere is a wonderful combination of rural quietude meets nearby urbanity. With easy access to Washington D.C., many commuters choose to reside in Boyds rather than deal with the prices and chaos of the city. In Boyds, you'll have constant access to the scenic views of the mountains, but you'll never feel isolated, as the town is fully equipped to meet all of your needs. Begin the search for your new home in Boyds today.

The home you've always wanted is in Boyds

Boyds is a place you can call home. Buy a house while rates are low.

With access to natural parks, creeks, and mountains—as well as the busier side of life in nearby Germantown—Boyds is the perfect hybrid for any homeowner. With just over 10,460 residents living within the 26 square miles of Boyds, you will have plenty of space for your home. Boyds is a good commuter location as well, as it’s just 30 miles northwest of D.C. and only an hour from Baltimore via the Marc Brunswick rail line. Not to mention that Seneca Creek State Park, Hoyes Mill Conservation Park and Little Seneca Lake are all close by, so you will never feel far from the diverse beauty of this region of Maryland.

You can own a home in Boyds

If Boyds has caught your eye, let Earnest help you seal the deal

Envision your new home, nestled between the stunning mountains of Maryland, with Little Seneca Lake in sight and the nature of nearby state parks surrounding you. Enchanted yet? In Boyds, all of this could be yours, and at prices you can afford, too. However, turning this dream into a reality requires more than you might realize, as many factors beyond your budget and the cost of the real estate come into play. Becoming a homeowner can be overwhelming, so instead of going through the stress of the search on your own, let Earnest’s experienced analysts guide you through the process. We have the tools to look at your credit score and financial history—as well as your requirements for a town and its amenities—and match them with the right home for you. With Earnest, the dream life in Boyds can be yours.

Common Questions About Buying a Home in Boyds

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.