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Your new guide to buying a home in Grantsville

With a population less than 800, Grantsville is a close community in a small town with a lot of open space. However, don't assume that less people mean there is less to do. There are a variety of nearby state and local parks as well as historic sites that are all wonderful attractions for residents to enjoy. Grantsville is also driving distance from Deep Creek Lake and Wisp Resort which are both great sites to check out. Anyone who loves the outdoors is sure to love living in Grantsville.

Streamline your way to a Grantsville home

No matter the weather, there's always something to do

Just a few miles from the Pennsylvania border Grantsville has great local businesses, beautiful nature, and a tight-knit community. This gives the town a great sense of safety and comfort. Grantsville is only a drive away from Deep Creek Lake, Wisp Ski Resort, or Pittsburg. All three offering fun and different attractions for residents and tourists. Grantsville also has a variety of nearby parks, historical sites, and restaurants. Antique stores and a local fruit market add to Grantsville's small town charm. Families can rest assured that even though Grantsville is only home to one elementary school, there are plenty of nearby public schools to choose from too. Whether you want to ski in the winter, hike by the water in the summer, or check out a local historical site on a rainy day, Grantsville is here to welcome you home.

Making your Grantsville dream home a reality

Make homebuying easier

Buying a home in Grantsville is exciting, but it can be a little stressful. Finding the right neighborhood and the right house at the right price is more competitive and stressful than most people realize. Instead of struggling to jump through hoops when purchasing a home, look to Earnest. Earnest is here to provide the right tools to ease your homebuying process. We can help you find your target home price, without having to sacrifice any of your new home's priorities. According to Trulia, median home sales prices in Grantsville are at $158,400. When considering all of the nearby attractions in Grantsville, this price is extremely affordable for a home.

Common Questions About Buying a Home in Grantsville

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.