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Buying a home in Corriganville

This Allegheny County town is steeped in turn of the twentieth century industrial revolution history. Corriganville's population is just under 500. Just north of Cumberland, this area has plenty to offer potential residents who seek the quiet life. Situated at the conflux of two bodies of water, Wills Creek and Jennings Run, local pastimes include searching for the elusive Cumberland Bone Cave, taking a short drive to the Rocky Gap Casino, and enjoying the natural ambiance of the town.

Historical town with lots to offer

Quiet living at the conflux of two rivers in Corriganville

While Corriganville may be a small community, it is situated at the conflux of two bodies of water, Wills Creek and Jennings Run. With beautiful scenery, life in Corriganville can be a adventure. Quaint restaurants, shops and old country bed and breakfasts make up a good part of the community. The town is just about a 30 minute drive to Cumberland, Maryland, which is a great place to enjoy good food, shopping and entertainment. It is not necessarily a walkable town, due to it being rural and on the water, so cars are a must.

Join the Corriganville community

Affordable homes to make life easy

Finding the right mortgage team to work with you is critical. Earnest will be open, honest, and ready to clarify any and all questions you possibly have. Be smart about your homebuying or refinancing options and team up with Earnest to keep your sanity in check and your wallet full.

Common Questions About Buying a Home in Corriganville

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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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.