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Make your new home in Brookeville, Maryland

If you are searching for a peaceful place to settle down, Brookeville homes are just the thing for you. Known as the “US Capital for the Day,” the small town of Brookeville is located in Montgomery County, just outside of Washington D.C. Despite its small size, this town is filled with history and spacious houses and apartments. With a variety of events held at the historic Brookeville Academy and a gorgeous park nearby, you and your loved ones will be wondering why it took you so long to move.

Start your homebuying journey in Brookeville

Get ready to make this historic small town your new home

Founded in 1794, Brookeville originally established itself as a safe haven for refugees and American soldiers during the War of 1812. In fact, during the British invasion of D.C., this town even harbored the President of the United States along with his entire Cabinet. Because of this incident, the small town became forever known as “the US Capitol for a Day," a nickname that is still used proudly in the town’s seal . This small town is only 18 miles away from our nation’s capital and as of 2015, the population of the area was listed as only 139. Not only is Brookeville filled with historical landmarks and stories, but spacious houses and apartments are also in abundant supply. So if you're looking for the perfect small town to settle down in, Brookeville is the place for you.

Housebuying made easy from start to finish

Earnest makes becoming a Brookeville homeowner faster and simpler than ever

Homebuyers, new and old, can all agree that purchasing the home of their dreams is exciting. From the special moment you first step inside that perfect house, to the feel of keys touching your hand as your realtor presents you with your new home, housebuying can be a dream come true. However, with a variety of houses and apartments to choose from, different neighborhoods to explore, multiple documents to go over, and a budget to stick to, homebuying can go from exciting to exhausting in no time flat. Lucky for us, Earnest exists to make sure that doesn't happen. Not only do they provide a simple online application for your convenience, but they also help you identify your homebuying priorities, all while analyzing your personal financial profile in order to determine your target home price.

Common Questions About Buying a Home in Brookeville

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.