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The quintessential, charming small town of Clear Spring Maryland is the perfect community for families and retirees alike. Clear Spring receives all of its water from its namesake spring, providing fresh water for the whole community.There are many different types of homes available so you'll have a large selection to choose from. Look into buying your Clear Spring home fast, before the secret about the safety and affordability gets out to everyone.

The ideal small town is Clear Spring

Serene, charming, and scenic views await

Clear Spring is an idyllic small town with a variety of amenities. There's beautiful nature, great local public schools, and plenty of different types of work to choose from. There are many attractions as well like the local Knob Hall Winery. It's a great way to relax with friends when you want to and have a little fun. For families, Clear Spring offers fantastic local public elementary, middle, and high schools that any parents can feel confident sending their children to. And, with a low crime rate, families can feel good knowing their town is safe.

Simplified homebuying in Clear Spring

Earnest simplifies the home loan process

Trying to find the right town to move to can be difficult. While the various websites and realty magazines can help, knowing where the right place to move to can be difficult. Earnest wants to help ease the Homebuying process by offering assistance and the tools necessary to narrow down where you want to live, what you can pay, and how you will finance it all. Before any contracts can be procured, a home loan needs to be obtained first and foremost. So, look to Earnest for help next time you're in the market. And, with Summer 2016 median sales prices in Clear Spring at $360,500 and expected to rise, now is the time to buy.

Common Questions About Buying a Home in Clear Spring

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.