Alert Message

Find you new home in Barclay

With less than 200 inhabitants, Barclay is the small city you’ve been searching for. Nestled in Queen Anne’s County, Maryland, it has a wide selection of single family houses and comfortable apartments that are great for individuals, families, and retirees alike. From a variety of local parks, schools, and places of worship, there is something for everyone in Barclay.

Make the move to Barclay

This beautiful, small city will grab hold of your heart and never let go

The city of Barclay is truly a cozy one and as of 2015, had only 118 inhabitants. However, despite this city’s small size, Barclay is filled with a selection of single family homes, spacious apartments, and sprawling acres. Take a trip down to Barclay Town Hall, or explore nearby parks like Slabby Park or Templeville Community Park. Need ideas for a family outing? Drive over to one of the many museums around the area. Though the average commute time to work is 40 to 44 minutes and the city has a low walkability rating, everything else you need, from groceries, restaurants, to movie theaters, are within a convenient driving distance.

Becoming a new homeowner

Don’t let stress keep you from purchasing your dream home−let Earnest help

Purchasing your brand new home in Barclay can be exciting. However, with houses to explore, different neighborhoods to research, priorities to determine, and an estimated budget to configure, it can soon become overwhelming. Thankfully, whether you are a seasoned homebuyer, or just starting out, Earnest strives to make the homebuying process as simple as possible. Not only do they offer an easy-to-use online application to help potential homebuyers get started, but they will analyze your unique financial profile while helping you determine your main priorities as a homebuyer (i.e. walkability, schools, commute time, etc.). In doing so, Earnest works to identify a target home price that is just right for you and your needs, giving you time to focus on more important things.

Common Questions About Buying a Home in Barclay

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.