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New Market homes in Frederick County

Lovingly known as the Antiques capital of Maryland, New Market lays in Frederick County. Peppered with great schools, stunning landscapes, and incredible public areas, New Market is the place to be for today's homebuyer. Commuting to work? Not a problem; the mean travel time from this area is 30 minutes, which is not shabby at all for the region. With stunning localities paired with beautiful land, nobody can go wrong with New Market.

Journey into New Market

Find your next home at the Antiques capital of Maryland

New Market is only minutes from Baltimore, Downtown Frederick, and Washington D.C., and is the perfect "getaway" for many homebuyers. Lined with shops and boutiques that focus on antiques, New Market attracts many who seek charm and a taste for classics. New Market is a place with much to offer with its own hotels, doctors, churches, post office, and blacksmith shops. New Market is also close to several universities and is easily accessible to other great amenities, including tasteful restaurants and scenic nature. With great shops, beautiful homes, and lively scenery, it's no wonder that it has established itself as a prime destination off of U.S. Route 40. Let Earnest start your journey into finding your new home in New Market today.

New Market brings family fun for everyone

Fusion of nature and theme park wows any visitor

New Market is close to Adventure Park USA, an amusement facility that operates as its main tourist attraction. Adventure Park is Maryland's largest family fun center that features miniature golf, go-karts, bumper boats, roller coasters, and a ropes course. The icing on the cake is the view that this park yields over the Frederick County mountains. Visitors can enjoy the theme park while gazing at a gorgeous backdrop. Besides beautiful mountains, New Market also has a variety of parks and natural attractions, including Walnut Run, an incredible stream that any nature lover will appreciate. New Market's beautiful sights promote a healthy lifestyle and it definitely shows. New Market's general health condition is 11 percentage points above the standard in the state.

Common Questions About Buying a Home in New Market

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.