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Buy in the quiet and pretty town of Callaway

Callaway is the perfect small town for the first time homebuyer who is ready to settle down in comfort and enjoy the many recreational activities will serve up wonderful memories for a lifetime. Just outside of your front door is the St. Mary's River State Park offering hiking trails and enjoyable nature experiences. The area offers a variety of colonial style homes as well as lots of land for sale if you're interested in a custom-built property. Why not consider calling Callaway home?

Your comfortable home is waiting

Buy your first time home in Callaway

Callaway in itself is a small town with a population of about 1,700, seated between the Chesapeake Bay and Potomac River. With two bodies of water next door, you can be sure that you will have plenty of water recreational opportunities nearby. If water-sports are not to your taste then Washington D.C. is only about sixty-five miles away, offering endless fun and historic opportunities for the history lover in the family. Visit the many museums and national landmarks dotted around the nation's' capital. Many of these landmarks are free and within walking distance of each other. Park your car for the full day and enjoy the many sights. Once you've had a full city experience, you can return to Callaway and enjoy your dream home. Callaway is safe, affordable, and perfect for the couple ready to settle in a quiet community.

Purchasing a home in Callaway made easy

Buy your next home with the reliable dream maker, Ernest

Callaway is a small rural town south of Washington D.C., but if it lacks in size it certainly doesn't lack for anything else. It is full of small-town feeling and local amenities that offer superb quality of life. Importantly for families with children, Callaway has some of the safest and most comfortable schools. Great Mills High School has a 4/5 rating according to greatschools.org and the prestigious Kings Christian Academy serving grades K-12, with a rating of 4/5 according to greatschools.org. Callaway offers wonderful schooling for the family wanting to stay long term and settle down. If you are looking for a place to raise a family, value quality education, and easy access to bigger city conveniences without the hustle and bustle of the city, Callaway is where you want to be.

Common Questions About Buying a Home in Callaway

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.