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Welcome to Welcome, MD

Welcome, MD provides all of the small town attractions while still providing close travel opportunities to larger cities such as Baltimore and Washington D.C. The town itself is very quaint and is filled with ranch, cabin, and traditional-style homes that will attract any outdoorsy consumer. Charles County provides consumers with an idea of what they should expect when looking for a home in Welcome. The area is a beautiful place to work and live, with options for every potential buyer.

Welcome: where tourism is anything but ordinary

Historic spots, scenic views, and access to popular cities

Charles County is a perfect location that provides nature living with access to the city life. In other words, you can go view skyscrapers and bustling streets, but still have a patch of green to come back to at the end of the day. Welcome itself is located an hour and a half outside Baltimore, and only one hour from D.C. The county is also close to Richmond, VA, with only a two-hour drive. Besides this, Charles County is perfect for quiet and calm tourism. According to CharlesCountyMD.gov, it is one of the state's most scenic areas with wide open land and beautifully built homes.

Welcome is heaven for antique-hunters

Antiques, arts, and fishing abound around Welcome

One of the main attractions in Charles County is antique stores. Be sure to consider visiting a local art gallery, as the county is also a hub for fine arts. Besides this, the county also provides children with exciting places to play through parks, playgrounds, and ball fields. In other words, you can enjoy a nice day of shopping while your children have fun playing with friends. If you enjoy fishing, moving into this county is ideal. Located on a shoreline, moving into this town gives consumers every opportunity to relax and do what they love. Whether you are looking to initially buy a home in the area or refinance, Earnest is here to help.

Common Questions About Buying a Home in Welcome

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

People around a computer

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.