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Come home to the urban community of Beltsville

Just a short drive outside of Washington, D.C., Beltsville is the perfect community to come home to after a long day of work or when you're ready to escape the busy city life. With a focus on agriculture in the region and the city just a short drive away, Beltsville is a perfect location to reach everything you need. Whether you're active in the city or enjoy quiet time at home, Beltsville gives you the best of both worlds.

Find the home you're searching for in Beltsville

Find the home of your dreams at a price within your budget

Whether you're looking to move to your own place or find a new home for your family, Beltsville offers the best of both the urban and suburban worlds. From condos to houses and everything in between, you'll find the right size home for your needs. The median price of homes is around $288,000, making Beltsville an affordable location for the Washington, D.C. metro area. Settle down in a quiet new home while staying close to the city. Stay within your budget so you can put money toward more important things.

Affordable homes close to the city in Beltsville

Take Beltsville up on the opportunity to live close to work

You don't have to make a large salary in order to live close to work. Beltsville offers the best of suburbia while keeping you close to everything you need. From shops and restaurants to attending sports games, everything is within a short drive when you live in Beltsville. End long commutes and distant trips by settling down as a homeowner in this urban neighborhood.

Common Questions About Buying a Home in Beltsville

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.