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Your new home is waiting in Fort George G Meade

Stationed between the city of Baltimore and Washington D.C., Fort George G. Meade is an Army installation located in Anne Arundel County, Maryland. Brimming with everything from comfortable houses to cozy apartments, there is something for everyone. And with the home values in the area on the rise, purchasing a new home here is not only a good decision for you as a homebuyer, but a smart investment for the future.

Fort George G Meade is the place for you

Get ready to call this small city home

Established to provide a place to live for veterans, military families and Department of Defense employees, Fort George G. Meade is a great place to find your new home. Not only does this installation claim to be Maryland’s largest employer, but it also boasts of being the third largest workforce of any Army installation in the United States. Located a little over 10 minutes away from the Baltimore/Washington international airport, this area is home to the Department of Defense’s Defense Information School, The National Security Agency, the Defense Media Activity, and the Defense Information Systems Agency. Along with being a hub for the latest in defense, Fort George G. Meade also houses multiple grade schools, a field house, and a variety of youth programs, making this an excellent spot to live if you're thinking of raising a family.

George G. Meade move-ins made easy

Let Earnest simplify your homebuying journey

It’s true, buying a new home in a new neighborhood can be exciting. However, with different houses and apartments to choose from, neighborhoods to research, a target price to establish, and a whole list of priorities to determine, the process can soon become frustrating, whether you're an experienced homebuyer or just starting out in the homebuying market. Thankfully, Earnest makes it easy. Not only will they analyze your unique financial profile, but they will help you list your priorities as a homebuyer (i.e. area walkability, schools, commute time, etc.) in order to best determine your target home price. Keep in mind that as the city of Fort George G. Meade is an Army installation, the housebuying process might be a bit a different, but don't worry: all housing information and pricing can be found on the town’s website.

Common Questions About Buying a Home in Fort George G Meade

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.