Alert Message

Why Clarksburg should be your top choice

Clarksburg is home to over 13,700 residents. With seven universities and a range of workplaces in the vicinity, Clarksburg is the ideal place to call home. Public transport is a breeze with two nearby Amtrak stations, both with enclosed waiting areas and taxi services available. Clarksburg's been on the rise over the last two decades, nearly doubling its median home value since the year 2000 from $279,000 to, more recently, $448,703.

Find your new home in Clarksburg

Get ready to live in a thriving city

Clarksburg is a tight-knit community that is currently thriving, with new home construction and household growth happening in this popular area. This flourishing is no secret, either, with Clarksburg being named the best-selling community in Montgomery County for the last six years and counting. The neighborhoods in Clarksburg are comfortable, with plenty of beautiful homes ready for purchase and lots of attractions and amenities on offer. Why wait until prices rise, when you might not be able to afford them? Get the home you've always wanted in Clarksburg and settle down in this happy area, all for a reasonable rate.

Clarksburg is ideally located

A small city with easy access to nearby D.C.

For families or single residents looking to settle down in a safe but exciting suburb, Clarksburg is an ideal investment. Located just off the highway, Clarksburg is also great for commuters traveling to Washington, D.C., or Baltimore. There are plenty of things to enjoy in Clarksburg, including over 550 restaurants just waiting to be discovered by you and your family. Of course, finding your next home requires more than picturing yourself playing in your new yard. Luckily, Earnest is here to help you navigate the many factors involved to empower you to find the home that's right for you in Clarksburg.

Common Questions About Buying a Home in Clarksburg

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.