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Perfect for the water sports and nature lover

Broomes Island homes are pressed against the water. The tight community itself has about 400 people enjoying the scenic views and simple living. Tucked and nestled in between Island Creek and Patuxent River, Broomes Island is the perfect community for the water lover. Homes range from quaint cottages to luxurious and stately high priced properties. Broomes Island is a paradise waiting to be uncovered.

Welcome to the Island Life

Make your dream comes true in Broomes Island

Broomes Island is perfect for the waterfront lover who wants to create riverfront memories. Broomes Island, although not an actual island, is a community that extends a shoulder towards the Patuxent River to the left with Island Creek to the right. Broomes Island is in the community of Calvert and located 10 miles south of Prince Frederick, a larger people town. This is the perfect waterfront town for the couple ready to live in a quiet area away from the crowds.

Welcome home to Broomes Island

Let Earnest make your waterfront home a reality

Buying your first home, or looking to retire in a quiet community? Earnest is your first step to purchasing your home, and we strive to make your home buying experience stress-free, affordable, and efficient as possible. Begin your loan search here with our simple-to-use loan calculator to help gain comfort in the unknown aspects of purchasing a new home. Ask your realtor about any special discounts you may qualify for. If you already own an existing mortgage, and would like to refinance your home, Earnest can help every step of the way.

Common Questions About Buying a Home in Broomes Island

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.