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Homebuying in Aquasco starts here

Located in the southern part of Prince George County, Aquasco is a beautiful town featuring large plantation-style homes and historic destinations. Centrally located homes will suit you if you're looking for nearby neighbors while more out of the way properties might appeal if you prefer to be surrounded by nature. Average home prices are rising, so find your Aquasco home today.

Aquasco is the town for everyone

Where nature, history, and luxury collide

Only 27 miles away from Washington D.C. and all that it has to offer, Aquasco the ideal place to live for couples, families, and retirees alike. You might be interested in a sweeping plantation-style home surrounded by lush woods. Possibly a quaint home nearer to the heart of town is more your style. Whatever your taste, you will find something to suit it here. Bordered on the east by the Patuxent River, Aquasco offers green and verdant views in many directions. History buffs will delight in the plethora of historic homes nestled in town, and sports fans will love having the Aquasco Speedway nearby. With median price of $203,000 according to Zillow, Aquasco homes are affordable for anyone and with a town so full of options, it's a great choice for a place to call home.

Buying a home in Aquasco has never been easier

A streamlined application process with low rates

Buying your home in Aquasco might sound like an overwhelming prospect. There are so many decisions to make and choices to be made. There are numerous style homes to choose from, a growing number of real estate websites to browse, and seemingly endless lifestyle and financial factors to consider. Earnest assists you to cut through all the noise with their simple, easy process. They start by listening to you about priorities like commute time, local schools, proximity to cities, and more. Then they put that information together with your financial profile to ensure you get the right price to meet your homebuying goals. Aquasco homes are affordable and home values rose 26.4 percent last year according to Zillow, so let Earnest help you make your dream home a reality.

Common Questions About Buying a Home in Aquasco

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.