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Explore all that Leonardtown has to offer

Leonardtown home values are expected to increase this year. This makes now the perfect time to secure a home and invest in this lovely town. But don't fret over costs--homes are very affordable here, with a median price of $341,950 according to Zillow. Trulia indicates that there are plenty of different types of homes in Leonardtown to accommodate families of all sizes and needs. From big homes to small homes, Leonardtown has it all. What are you waiting for? This is a place you can call home.

Small-town charm and history in Leonardtown

History is preserved in these homes and buildings

Located in St. Mary's County, Leonardtown is proud of its history. With many historical landmarks and houses from the 1900s, you will feel deeply connected to the roots of this town. There are plenty of different industries represented in and around Leonardtown--and all kinds of jobs, from management positions to architecture jobs to IT work. Most residents have a commute of 23 minutes or less, so you're never too far from your job or home when you live in Leonardtown. Don't miss out on the opportunity to call this wonderful place home. Your family will thank you.

Leonardtown is renovating itself

A mix of the old and the new

Leonardtown is currently remodeling its downtown area, with new restaurants and businesses moving into historical buildings. So even if you want a more contemporary home, you can still experience the historical architecture by taking a stroll downtown. Walkscore gives Leonardtown a walkability rating of 57 out of 100, however, so make sure to factor a personal vehicle into your budget if you want to make Leonardtown your new home. There are several nearby attractions worth checking out between your errands, like St. Mary's Historical Society, the Leonardtown Park, or one of over 50 restaurants. There's always something to do in Leonardtown, so why wait? Earnest is here to help you get ready for moving day by finding the best mortgage rates for your unique situation.

Common Questions About Buying a Home in Leonardtown

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.