Alert Message

Make your dream home a reality in Barstow

Located in Calvert County, Maryland, the rural town of Barstow contains a large selection of houses for everyone from individuals to families and retirees. Though the area itself is a car dependent, with Prince Frederick less than three miles away, everything you need from groceries to clothes, is just within your reach. With a wide selection of nearby restaurants, parks, and even a planetarium, there is something for everyone in this small town.

There’s something for everyone in Barstow

This peaceful town with nearby attractions is the perfect home

Find some peace of mind in the small rural town of Barstow, Maryland. Whether you are searching for somewhere to raise a family, a place to escape the city grind or the perfect spot to retire, this town has what you’re looking for. Choose from a large selection of comfortable, and affordable houses. Located less than three miles away from Prince Frederick and a short hop away from The College of Southern Maryland, Barstow has its own personality. Have a delicious meal over at Dream Weaver Events & Catering or grab something quick at Captain Cook’s Bayside Foods. Explore Hollowing Point Park or discover the secrets of our solar system at the nearby Arthur Storer Planetarium.

Buying your dream home in Barstow

Earnest’s simple application process takes the stress out of buying a home

Buying a new home is exciting, especially when your new home is in Barstow, Maryland. But with websites to sift through, houses to look at, neighborhoods to research, amenities to prioritize, and mortgage rates to analyze, this process can become overwhelming for both experienced and beginner homebuyers alike. Earnest makes it easier. Along with an easy online application, Earnest will help you determine your priorities as a homebuyer. Earnest will help you prioritize what you need, while looking at your financial profile. Because whether it is your first time or your tenth, buying a brand new home should be exciting, not overwhelming.

Common Questions About Buying a Home in Barstow

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.