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Why you should consider Fairplay

With a total of 160 housing units, Fairplay is a perfect center to a multitude of attractions and school systems in Maryland. According to city-data.com, 87.4 percent of Fairplay residents who are 25 years of age and older hold at least a high school diploma. Fairplay caters towards middle class citizens by offering affordable and beautiful homes. If you're looking for a safe and unique place to settle, Fairplay is for you!

Historic attractions make Fairplay stand out

Attracting history buffs and curious consumers one at a time

Fairplay allows immediate access to some of the most beautiful attractions right in your backyard. Chesapeake and Ohio Canal National Historic Park in Williamsport is only 15 minutes away. The park, which has been operating for nearly 100 years, allows families to venture during all seasons with a number of activities. Take a public boat ride down the beautiful canal and look at lush greenery or take a nice and long bike ride. The Woodmen of the World Campground is also an attraction not to miss, including beach campgrounds for fishing and campfire treats. The average household income in Fairplay was $57,615 in 2013, according to city-data.com. Local businesses, establishments, and companies thrive in the healthy economy.

Fairplay has educational opportunities for all

Colleges as well as the transportation options to get you there

Fairplay is located near several quality colleges, such as Shepherd University, Hagerstown Community College, and the American Public University System. Shepherd University--the only public college in West Virginia to be named on the 2016-2017 Colleges of Distinction list (Shepherd University)--has great opportunities for families. Fairplay even gives students access to American Public University through their online system; a great educational opportunity for those who do not have the funds to venture too far from home. Although mostly car-dependent, having a way of transportation besides a personally owned vehicle can make miles in a cinch. Whether you are looking to buy a starter home or refinance in Fairplay, Earnest is here for you.

Common Questions About Buying a Home in Fairplay

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.