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Under an hour from Washington, D.C., and just 30 minutes from Baltimore, Burtonsville is the perfect town for families. Whether you want to avoid exorbitant city prices or are looking for a solid community in a close-knit town, Burtonsville is for you. With apartments and single family homes at affordable prices, Burtonsville is the ideal location for professionals and families. Local bus lines can take you around Maryland or to local metro stations for a quick trip into the city.

Looking for community? Look at Burtonsville

Between D.C. and Baltimore, this is your escape from city life

Burtonsville is a town with a strong sense of community. Every year, the community takes part in "Burtonsville Day," a celebration of the town and its founder, Isaac Burton. With a median age of 36, Burtonsville is home to a younger population of families and single residents. Burtonsville has two elementary schools, one middle school, and a high school. Burtonsville Paint Branch High School is well known for its academic and athletic excellence, with 21 state championships in its history. So whether you want a Friday night watching Paint Branch's football team or a day in Baltimore or D.C., Burtonsville can meet all your needs.

Find the right home loan in Burtonsville

Take advantage of Earnest's simple application and low rates

It's no secret that the real estate market is currently favoring buyers. However, with prices and mortgage rates on the rise, now is the time to take advantage of it. Finding the right neighborhood, price, and type of home can be a long and tedious process, so let Earnest help. Earnest can help you find a home that matches your budget and preferences in no time. Let us assist with the loan process so you're one step closer to closing on the contract you need to get your dream house. At a median sales price of $295,000, look to buying in Burtonsville for your future home now.

Common Questions About Buying a Home in Burtonsville

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.