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Galesville has something for everyone

Despite having a small population, Galesville is an inviting town that brings a sense of warmth to any new homeowner. There's a sense of warmth and community here, as well. Maryland homes are mostly family owned which helps bring in a great sense of safety and friendliness. Whether you already have a family or are single, it's great living in a family based state. It brings about the best neighborhood attributes in your area when families are everywhere and median income continues to grow.

Galesville homes are comfortable

Everything you need is in Galesville

There are so many great things about living in Galesville. Median household income is at almost $90,000 and median home values are over $300,000. There are many different job industries represented in Galesville. From wholesale trade to construction to administration, there's work for everyone in Galesville. Most residents of the county enjoy a commute to work that's less than 30 minutes. Unemployment has always been steadily decreasing since 2010, and it continues to decrease year after year. Galesville is a part of Anne Arundel county, and it's a lovely county. There are almost 300 restaurants for residents to enjoy. Public schools are great in the area. In fact, the majority of residents choose to utilize those over the private schools that are also available. There's something for everyone in Galesville and the surrounding area.

Owning a home in Galesville is easy

Low rates make owning a home affordable

Maryland's a great place to live and Galesville is no different. There's plenty to do and lots of things to enjoy and take pride in. Galesville is right near the Chesapeake Bay and other waterfront areas, which are great attractions. There's so much natural beauty to enjoy in Galesville and the surrounding areas. There's a lot of history to take in, and it's easy to be a part of all of this. Galesville features many different types of homes for all budgets. No matter what home you get they're all beautiful, spacious, and feature a different level of luxury.

Common Questions About Buying a Home in Galesville

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.