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California, MD homes near the water

California, MD is perfect for the nature lover looking to live right near the water. Living near the water offers many opportunities for fun recreational activities. Enjoy the day on the Patuxent River or enjoy the beauty of nature at St. Mary's State park; either way there are fun activities abound. There are many five-star restaurants in California from Thai to Italian, offering many different cuisines for the food lover. Now really is the perfect time to buy in California.

California is perfect for the nature lover

Many job opportunities & growth available

Earnest understands the many important amenities that our customers desire. California offers plenty of recreation and is conveniently located about an hour and a half away from Washington D.C. offering many opportunities for fun. Safety happens to be a concern of many of our homebuyers and we are glad to say that California is the perfect river-side town to raise the little ones and build a home. There are multiple elementary schools and high schools all in which quality of learning is put first. California's many schooling opportunities are ranked by greatschools.com as 8/10. Safety and quality come first in the city of California, Maryland. California, Maryland is a family-friendly place to create new memories.

Your dream come true in California

Many opportunities for growth in this small town

This is an exciting time–the time you are moving into your new home. We understand the many needs and requirements of homebuyers looking for a home. School is important, and so is recreation and of course safety. Our goal is to always find your home in the perfect location for you to create new and exciting memories. The median home price for the rural area of California is around $200,000 and now is the perfect time to bring you into your dream. Let us guide you through the loan process, application and everything you need to make this process swift and simple.

Common Questions About Buying a Home in California

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.