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Middletown homes bring hypnotic history

Welcome to Middletown, where you have the Catoctin Mountains to the east, South Mountains to the west, Pennsylvania border a few miles north, and Virginia just at your grasp down south. Middletown's historic charm and keenness on traditions will infatuate any visitor; but, perhaps the most infatuating aspect of this entire place is the cheery, candid attitude of the residents. If you're looking for genuine, historic appeal, then Middletown may just be your next place of residence.

Middletown residents promote community

This Main Street community embodies integrity

In 2009, Middletown received the Main Street designation as a Main Street community, reiterating how Middletown embodies integrity. As a Main Street community, Middletown commits itself to upholding the key pillars of the Main Street community: organization, design, economic development, and promotions. Middletown prides itself on preserving its unique buildings, advocating for local businesses, and maintaining communal standards: all concepts which intertwine and promote the town's widespread history. The compassion, care, and love shown towards the community reflects not only the dedication of the town's inhabitants, but also the genuine passion and values that the community strives to uphold. Middletown residents are dedicated members of the community who are warm, proud, and welcoming.

Unearth historic beauty

Middletown incorporates all residents by commemorating its roots

Middletown is a beautiful suburban town located in the Middletown Valley within Frederick County. The name is derived from its location, where the suburb comfortably lays between the Catoctin Mountains and the South Mountain. Middletown is immersed in cultural history. It emerged as a settlement in the 1600's and was recognized by George Washington himself as one of the most beautiful valleys. Middletown's churches and homes were transformed into headquarters and hospitals in the midst of the Revolutionary and Civil Wars, making this place iconic for any history buff. Middletown's rich history has brought forth traditions such as Movies in the Park and Christmas in the Valley, showing that this place is nothing short of celebratory culture.

Common Questions About Buying a Home in Middletown

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.