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Glen Echo homes near the coast

Located in Montgomery County near the coast, Glen Echo combines small town living with access to diverse local attractions. While Montgomery County is the most populous county in all of Maryland, Glen Echo has a population below 300, yet it doesn't lack for nearby fun. Home to Glen Echo Park, the location of a famous old amusement park, and well known for its Chautauqua cultural events, Glen Echo mixes diversions with a rustic simplicity that appeals equally to families, retirees, and singles.

The best of both worlds in Glen Echo

Savor small town simplicity in the midst of diverse offerings

Glen Echo residents enjoy the closeness of a small community while still being part of the educated and affluent population of greater Montgomery County. Glen Echo's commitment to education and improvement is evident in its parks and cultural events. Employment is plentiful in an area home to many major U.S. government offices, business campuses, and scientific research centers. Glen Echo is a prime destination for homebuyers who value education and a diversity of recreational opportunities. Glen Echo provides beautiful coastal scenery alongside the luxuries of modern living. The combination is tough to beat.

Granting your Glen Echo fantasy

Earnest can help you grab the home of your dreams

Glen Echo's welcoming simplicity is one of the biggest draws to this unique community, but purchasing a home is still overwhelmingly complex nonetheless. As competing websites demand your attention and claim to know what's best for you, the homebuying process can quickly become confusing and frustrating. Earnest is here to help so that you can continue to focus on the priorities in your life without getting distracted by the details of your new residential situation. Earnest will work closely with you to discuss your unique financial situation and your biggest priorities when considering a new homeownership opportunity. By helping you pinpoint your preferences and price range to make the process of buying a home as simple as possible, Earnest can enable you to call a Glen Echo home yours in no time.

Common Questions About Buying a Home in Glen Echo

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.