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Small town life

Nestled in Maryland’s Frederick County, Braddock Heights is a quaint, small-town area and an unincorporated community with a population of less than 3,000 people. The town offers affordable single-family homes that are cozy, eclectic and near scenic views. Located at an elevation of nearly 1,000 feet atop Catoctin Mountain near Braddock Springs, the town’s mountain pass was once used by George Washington during the French and Indian War in 1755.

Braddock Heights: New community, new home

You will enjoy this small town and its history

A scenic, small town and unincorporated community tucked away in Maryland’s Frederick County. Not only does the town offer amazing views from atop Catoctin Mountain, it has a rich history rooted in America’s origins — not only did famous political figures such as then-President Franklin D. Roosevelt, then-Senator Richard Nixon, Edwin Warfield and Earl Warren live there, George Washington himself once the town’s mountain pass during wartime in 1755. According to the United States Census Bureau, Braddock Heights has a total area of 4.7 square miles and has a population of 2,608.

Affordable housing and amazing community

Don't fret, Earnest is here to help.

The Earnest team is here to help you with the complications of home loans and refinance. They have streamlined the once messy process into a system that gets results. With their team, finding a mortgage or refinance opton that works for you isn't only possible, but it's not a hassle.Team up with Earnest to find the mortgage that works for you, your family and your wallet.

Common Questions About Buying a Home in Braddock Heights

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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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.