Alert Message

Your guide to your future in Fulton

Located conveniently between Baltimore and Washington D.C., Fulton is the ideal suburb for those that need to live near a city without the cost. The town center is full of restaurants and shopping, so you'll never have to go too far to try something new or revisit a favorite. For families, there are great public schools at all levels (elementary, middle, and high schools) all within Fulton's town limits. Trulia gives all of the schools "above average" ratings as well.

Young couples and families will thrive in Fulton

City accessbility with the benefits of a suburb

Whether you work in Baltimore or Washington D.C., you are only a short 21 or 19 miles from each city, respectively. With a manageable commute and great local public schools, Fulton is perfect for families with commuter parents. For those who want to stay more local, Fulton is home to a wide range of local restaurants and businesses. If you own a horse, Fulton even has its own stable so you are never too far! Also, with an extremely low crime rate, Fulton residents can rest assured that they are safe in their homes and their community. Fulton is the ideal town for families that want to feel happy, comfortable, and entertained in their community after a day of work and commute. With 94 percent of Fulton residents being homeowners, a Fulton home is truly a worthy investment for couples and families alike.

A seamless homebuying process in Fulton

Earnest's affordable pricing and streamlined process make homebuying simple

Buying a new home should be an exciting next step in life. But, with so many different factors (location, price, other buyers) to compare and consider when buying, it can easily become overwhelming. Thankfully, that's where Earnest comes in. Earnest can help you prioritize what you want in a home (walkability, city accessibility, local business, etc.) and what you can actually afford in a home. After we take a look at your financial profile, Earnest can help you find your target home price. With Fulton homes' median sales price at $688,000 in November 2016, the prices may appear steep. However, with an increase in home value over the next year predicted by Zillow and accounting for all of the amenities of living in Fulton, this price is quite reasonable.

Common Questions About Buying a Home in Fulton

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.