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Call Chewsville, Maryland your new home

Chewsville, Maryland is a gorgeous small community just brimming with possibility. Filled with an array of comfortable apartments and spacious single-family houses, there is something for every potential homebuyer here. Surrounded by a variety of attractions and activities for all ages, this small hamlet in Washington County is great for everyone and just the place for you and your loved ones. Don't wait any longer to make the move−let an Earnest home loan get you there in no time.

Chewsville, MD has just what you're looking for

In Washington County awaits the home of your dreams

Tucked away in Washington County, Maryland, the lovely community of Chewsville is perfect for anyone looking for a great place to settle down. Offering potential homebuyers a wide selection of single-family houses and spacious apartments, there’s something for everyone in this small Maryland village. In fact, according to City-Data, this city was ranked #14 on the “Top 100 Cities with Biggest Houses” list. Keep in mind that Chewsville is a car-dependent neighborhood, but that everything you or your loved ones need is within an easy driving distance. In fact, the average travel time to work for residents in this area is 5 to 15 minutes. As for activities and attractions nearby, there are countless options for all ages such as Rocky’s New York Pizza, Leitersburg Cinemas, or Ditto Farms Regional Park.

Getting your dream home in Chewsville is easy

Take the stress out of homebuying and focus on more important things

Whether this is your first time buying a home, or your tenth, purchasing a new home in Chewsville is exciting. However, with a variety of houses and apartments to peruse, different neighborhoods to explore, realtors to talk to, and mortgage rates to go through, the process of buying a new home can quickly become overwhelming and somewhat stressful. Thankfully, with Earnest, you can find the target home price that’s just right for you and your specific needs. They will help you identify your priorities as a homebuyer, whether you're looking for walkability, nearby schools, commute time, or proximity to amenities. Earnest will look at your unique financial profile to help you figure out how much you and your loved ones can save. They even offer potential homebuyers an easy-to-use online application to help you get started.

Common Questions About Buying a Home in Chewsville

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.