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Discover what’s waiting for you in Cavetown, MD

Nestled in Washington County is the small city of Cavetown. This city offers potential homebuyers a large array of single-family houses and apartments. Individuals, families, and retirees alike will find what they're looking for in this beautiful small city. Despite a low walkability, everything you need is in a close, easy driving range. With a variety of grade schools less than 5 miles away, this is a great place to settle down with a family. Move to Cavetown today−Earnest can get you there.

Welcome to the city of comfort and convenience

Cavetown makes your life simple with easy access to schools and attractions

Cavetown offers a large array of single-family houses and apartments for homebuyers to choose from. This small city has a Walkscore of 23 out of 100, making Cavetown low on walkability. However, everything you need is within an easy driving distance and the average commute time to work is 20 to 25 minutes. The unemployment in this small city is significantly lower than the state average, and the poverty percentage at a low 4.1 percent. Grade schools, though not within the small town's city limits, are still less than 5 miles away, making it an ideal location for families. Visit Lewis’ Fruit Stand or take a shopping trip to Smithsburg Cider Mill−whatever your age, there’s something for everyone here in Cavetown.

Homebuying in Cavetown just got easier

Avoid the stress of homebuying with low rates and easy online applications

Purchasing a new house or apartment in Cavetown, Maryland is an exciting prospect. However, when trying to go from a homebuyer to a homeowner, frustrations can quickly mount. With houses and apartments to look at, neighborhoods to research, websites to browse, and mortgage rates to consider, it can fast become overwhelming. Thankfully, with Earnest you can avoid some of the stress. They will help you identify your priorities as a homebuyer, whether you're looking for proximity to schools, short commute time, or walkability. They will also look at your unique financial profile in order to establish a target home price that's just right for you and your needs. The best part? Earnest offers an easy online application to help you get started.

Common Questions About Buying a Home in Cavetown

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.