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Buy a home in Churchville

Home to just under 3,000 residents, Churchville provides affordability and comfort while still being close to the big city of Baltimore. Although Churchville is a quaint and quiet town, it makes up for its size with the history and charm it provides to its residents. While Churchville may not have all the amenities that a larger city would have, this quiet town is just a quick drive to surrounding suburbs that have plenty of attractions to enjoy. Come on home to Churchville today.

Experience the benefits of Churchville

Save on the house, win on the community

Nestled between Baltimore and the Chesapeake Bay, Churchville is the perfect location for a commuter and those that enjoy agriculture. Churchville is best known for once being the link from Bel Air to Aberdeen and referred to as Lower Cross Roads. Apart from that, Churchville is full of picturesque churches and history that the locals take pride in. Trust in Earnest to help you make Churchville your home—come enjoy a small piece of history.

Find your home in Churchville

Begin your transition into your dream home today

Churchville has plenty of different schools to choose from and most residents enjoy a commute to work that's just over 30 minutes. This is a great place to build an affordable yet lucrative foundation for your family while still being close enough to enjoy the attractions of the big city of Baltimore that's not very far away. The lower cost of living combined nicely with the median household income that residents are able to enjoy. Residents make about $20,000 more per year than the state average which helps make this town a great place to enjoy life. Just over 60 percent of the homes here are family households which help this town feel warm even in the dead of winter. Churchville is a great place to call home.

Common Questions About Buying a Home in Churchville

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.