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Experience small-town living, with easy commuting

Ridge offers a variety of great food, places to visit, all with easy reach of major business centers and cities. Homes in Ridge are high in value, and are projected to increase in the future. The population in Ridge is a little over 1,000 people and putting that together with a steady increase in home values means you get that small-town feel and appeal while at the same time knowing you've made a great investment.

Everything you want is found in Ridge

Affordable and beautiful

Ridge is located in the southern tip of the western shore of Maryland. Beautiful marinas, boat rides, and lighthouses can all be found in Ridge. Weekends in D.C. or days out in Richmond or Fredericksburg are all less than a two-hour drive away. A population of just over 1,000 people means Ridge is perfect for those looking for a small-town feel but who also want the convenience and access to larger urban areas. Mortgage rates are now lower than before, making it the perfect time to invest in a home in Ridge.

From low mortage rates to beautiful scenery

Earnest can take care the stress out of buying a home

Buying a home involves a lengthy, often times complicated process, but the good news is that it does not have to be. With Earnest, homebuying becomes less of a hassle, and more of an exciting adventure. Let Earnest handle those tough questions and difficult steps on the process, while you focus on the good things about buying a home. You will not regret it. Come see how Earnest can help you become satisfied customers and homebuyers all at once.

Common Questions About Buying a Home in Ridge

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.