Alert Message

Burkittsville, Maryland is the perfect place to be

This gorgeous rural town is just the place to settle down if you’re looking for a friendly community and historic charm. Burkittsville offers potential homebuyers a wide selection of stunning single-family houses and apartments to choose from. Filled with countless historic attractions, residents are never bored in this small town. Whether you are looking for a place to raise a family or somewhere to retire, Burkittsville is the place for you.

Take a trip to the past in historic Burkittsville

A friendly community and a town etched in history are waiting for you here

Listed on the National Register of Historical Places, Burkittsville is a town filled with beauty and etched in history. Nestled in Frederick County, Maryland, Burkittsville offers homebuyers a wide array of cozy apartments and gorgeous single-family houses. Once the residence of author George Alfred Townsend, this rural stunner is conveniently surrounded by a variety of attractions and activities perfect for people of all ages. Visit the famous War Correspondents Arch memorial or gaze upon the Townsend Monument. Pick up some supplies from P.J. Gilligan Dry Goods, or head over to the Appalachian Trail National Park. With so many nearby attractions and a town that believes in “Neighbor Helping Neighbor,” you’ll be wondering why you didn’t move here sooner.

Buying a home in Burkittsville is simple and easy

Earnest helps potential homebuyers keep the buying experience stress-free

Experienced and beginner homebuyers alike will tell you that buying a new home can be exciting. However, with mortgage rates and loans to decide on, different homes to explore, various neighborhoods to look at, and websites to research, this exciting journey can soon become an overwhelming one. Thankfully, Earnest makes it their mission to keep this process simple and stress-free. Earnest will help you determine your priorities as a homebuyer (i.e. proximity to schools, walkability, commute time, local crime rate, etc.) while analyzing your financial profile. This enables them to provide you with a target home price that is just right for you and your homebuying needs.

Common Questions About Buying a Home in Burkittsville

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

People around a computer

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.