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Make the move to Bushwood, Maryland

Located on the coast of Maryland, Bushwood is a quaint and peaceful community with a lot of open space and land. This beautiful area is perfect for those who are looking for small town charm with access to the water. Whether you are looking for a single family home or something larger, Bushwood has options for you.

Quiet and quaint, Bushwood is ready for you

Join this elegant town in St. Mary's County peninsula

The town of Bushwood is on a peninsula, cradled by the Potomac and Patuxent Rivers and the Chesapeake Bay. Beautiful scenery lines the edge of the water creating the perfect scenic picture. Take a walk on the pier, or go fishing or boating. This town has much to offer for people who enjoy the water. Bushwood is also home to Ocean Hall, a historic house that was believed to have been built in 1670 and was listed on the National Register of Historic Places in 1973. History is rich in St. Mary’s County, because it was one of the founding locations for Maryland. With its smaller population size, Bushwood is also great for small businesses, and you'll have plenty of peace to enjoy the parks and nature of the area. Bushwood is the place for you if you're looking for somewhere quiet and quaint to settle.

Start your search in Bushwood today

Make your move more efficient and affordable with Earnest

Homebuying can be a daunting process, but here at Earnest, we want you to be comfortable and confident in your final choice. We are prepared to help you every step of the way when it comes to finding the perfect home for you and your family. From looking at potential neighborhoods to getting you approved for loans, Earnest has all the information you need in one convenient place. According to Zillow, the average home in Bushwood is valued at $182,300, and there are also available plots of land if you are looking to build your own home. Take all of Bushwood's possibilities into consideration while you make your decision, especially the easy access to the beautiful bay. This is a great time to be a homebuyer in Bushwood, and with the quiet serene atmosphere, we are optimistic that we can find you exactly what you're looking for.

Common Questions About Buying a Home in Bushwood

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.