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Fork is a natural fit for sophisticated folks

Located near the beautiful coast of Maryland, Fork is a small, unincorporated community bursting with natural beauty and recreational activities. Fork takes advantage of the bustle of Baltimore County's interesting community. Mixing village life with nearby cultural amenities, Fork has something to offer everyone. With a small town feel and unique shopping, winery, and cultural opportunities, Fork is an ideal balance of activity and recreation for homebuyers who want a little bit of it all.

Small town, big opportunities

From the arts to golf, Fork has something for everyone

Despite its tiny size, Fork has big things to offer. Surrounded by Baltimore County, Fork is close to a wide variety of recreational opportunities. From a plethora of art and history museums to unique small town shopping experiences, this community can bring joy to even those with both simple and sophisticated tastes. From golf courses and wineries to farmer's markets and community gatherings, Fork has many ways to bring people together.

Forging your future in Fork

Earnest can make your homebuying experience a breeze

While Fork's simplicity draws homebuyers to the area, purchasing a home remains overwhelming. Earnest is here to help. We want you to focus on what matters most to you, not the stressful details of securing a loan or finding the perfect neighborhood. Earnest will work closely with you to discuss your unique financial situation and your priorities when considering a new homeownership opportunity. By helping you pinpoint your preferences and price range we make the process of buying a home as simple as possible. You can be calling a Fork home yours in no time.

Common Questions About Buying a Home in Fork

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.