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Your homebuying guide for Andrews Air Force Base

Living on Andrews Air Force Base means living in a like minded community of our nation's service members and their families. With a great commissary and a school on the base, most necessities are only a short drive away from home. And, with only a 30 minute drive to Washington D.C., Andrews Air Force Base residents can take day or weekend trips into our nation's capital. The community is tied together by a strong bond to the military, and many locals volunteer.

Find a community you belong to

Beautiful in all four seasons

Andrews Air Force Base offers a strong community for members of our Air Force and their families. With a few different housing options available (privatized housing, unaccompanied housing, or independent housing off of the base.) All options are great depending on the type of buyer. But, the important thing to note is there are a wide range of available housing options on Andrews Air Force Base, making it a flexible and accessible housing option. Only 30 minutes from Washington D.C., Andrews Air Force Base residents have easy accessibility into the city. In a prime location in the DMV, Andrews Air Force Base can appreciate many different nearby attractions. Or, for those that want to stay on the base, there is a fitness center, community center, and a pool available depending on where you live.

Moving to Andrews Air Force Base made seamless

Manageable rates and an easy application make finding a home loan fast

Finding the right housing on, or around, Andrews Air Force Base can be a tough decision. With so many great options, finding the right home for you, while competing with other buyers, can make homebuying seem competitive and stressful. Earnest can help you identify what you want in a home (size, walkability, local public schools, etc.). Then, after we analyze your financial profile, we help you find a budget you can manage. With Earnest's helpful tools and personalized assistance we can take you from home search to homebuying to move-in with zero headaches and frustrations. Andrews Air Force Base homes are a great choice for families and couples. However, they are also limited, so act fast before you miss out!

Common Questions About Buying a Home in Andrews Air Force Base

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.