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Live in the quiet and serene Point of Rocks

If you are looking for a peaceful small town to settle down in, Point of Rocks is it. Within Frederick County, Point of Rocks has a population of about 1,500 people. This historic town may be small but it offers a range of homes as well as lots of land only a few miles away. This is the perfect place to settle down and relax into small town life with both nature and the conveniences of bigger cities such as Rockville and Leesburg right nearby.

A small town feel with a big heart

Water activities and nature parks right outside your door

Although Point of Rocks is smaller than many of the neighboring towns, it offers plenty of recreational opportunities. It is located north of the Potomac River and next to Canal National Historic Park. These offer diverse entertainment and activities for the outdoor enthusiast with everything from hiking, biking and camping. Point of Rocks offers several established family owned restaurants but if your interests lie in a culinary and nightlife direction, you'll be pleased that the city of Frederick, only twenty minutes away by car. Each weekend in Point of Rocks can be an escape to a new restaurant or pub, walking trail, or some of nearby Fredericks' many recreational opportunities. Whether you prefer active leisure time or quiet afternoons at home, you're sure to enjoy your comfortable and serene Point of Rocks home.

Point of Rocks homebuying made easy

Let Ernest guide you towards your homebuying desires

Point of Rocks offers families access to numerous elementary schools and high schools located within a fifteen-mile range of town, each with a graduation rate of above 96 percent. Only fifteen miles away you have the city of Frederick, home to educational opportunities such as the Frederick Community College and Hodson Science and Technology Center. Both of these institutions would suit someone looking for a smaller, more intimate collegiate setting. If a larger college sounds more appealing, Washington D.C. is located only fifty miles away and is awash with some of the finest schools in the country. With many and diverse schooling opportunities, Point of Rocks offers families safe and comfortable living and a place to build a happy, successful future.

Common Questions About Buying a Home in Point of Rocks

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.