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A beautiful historic town

Funkstown is a bustling historic city that is home to many iconic sites, a spacious community park, and over 30 local shops. Located a little over an hour away from Baltimore and Washington, residents can enjoy a quiet suburban life with easy commutes to the city. Funkstown features a beautiful array of renovated colonial and brick style homes so you can own a slice of history without worrying about the upkeep. Kid-friendly activities and schools make this a great place to raise a family.

History, community, and beauty at your doorstep

Small-town city with big-town appeal

Funkstown offers an abundance of local attractions, eateries, events, and more. From delicious eats to unique shops, there is always something new to find in this city. Take the historic tour to learn more about the city's rich history, or join in on one of Funkstown's highly celebrated annual events and connect with your fellow neighbors. Enjoy the small-town appeal without the boredom that comes with it. And if you're ever craving change, take a short drive to one of the several major cities within arm's length. Enjoy picturesque landscapes without the isolation of the countryside. Funkstown homes are beautiful, with lots of personality. A home loan from Earnest can help you afford the house of your dreams.

Find your dream home in Funkstown

Earnest is here to help every step of the way

Fulfill your small-town fantasy of buying a home in Funkstown with a little help from Earnest. We know buying a home can be overwhelming, and that's why we offer assistance every step of the way. Let Earnest help you make your dreams of homeownership come true. We'll provide you with the tools you need to help you pick your perfect home, starting with our easy-to-use loan calculator, then offer you affordable mortgage rates to make it possible. Funkstown is beckoning, so answer the call. Buy a home with help from Earnest today.

Common Questions About Buying a Home in Funkstown

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.