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Fishing Creek is packed with potential

Fishing Creek, Maryland is a closely knit community that may be small in population but is a beautiful community ready to accept new residents looking to begin their new home experience. It's a family-friendly town that's filled with warmth and safety. According to City-Data, almost 80 percent of the homes are family owned, and it's one of the things that makes this town so inviting and friendly.

All seasons are enjoyed here

Kick off your new beginning with a brand new home in Fishing Creek

If you've been looking for that perfect little town to start your life in or simply start again, Fishing Creek is the town you've been looking for. There's no shortage of things to look forward to once you get all settled into your new home. Fishing Creek is near the waterfront which is already a great attraction in itself, but if you're looking for other attractions, you could always travel to the big city of Bowie, Maryland. Bowie is less than 60 miles away, and once you're there there's museums, bowling, and shopping centers. When you've had your fill of the big city, you can return back to your private retreat. If school is important to you, there are six colleges that are less than 50 miles away so you can continue or start your secondary education without missing out on the affordability and charm of Fishing Creek.

Lower rates and seamless application process

The homebuying experience you dreamed of

According to Trulia, there are many different types of homes in Fishing Creek and in the surrounding areas. Maryland is a beautiful state, and it has a lot to offer. Fishing Creek is both affordable and quaint, so you can enjoy its affordability, low home prices and mortgage rates while only being inconvenienced on some of the big city amenities that you can always drive to. There's still plenty to be found in this quiet little town, like the 26 restaurants that can be enjoyed without having to go far at all. You'll still want to make sure you don't mind driving though because Walkscore did give Fishing Creek a low score for walkability. Walkscore recommends having a personal vehicle for almost all of your errands, but there are still a few places where you can just walk around and take in the natural beauty of your new home.

Common Questions About Buying a Home in Fishing Creek

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.