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Find your beautiful home in Hollywood, MD

Hollywood is the perfect little town with a big heart for the first time homebuyer. The name of the town came to be when a store owner required a name for the post office inside of his store. The store owner was inspired by the big Holly tree that was outside and therefore named the post office Hollywood. Hollywood was founded in 1867, a fact that is evident in its old-world charm today.

Comfortable living in Hollywood, Maryland

Escape to a plantation or the Patuxent river every weekend

Hollywood is conveniently located next to the Patuxent River offering many opportunities for nature recreation. Enjoy the river or some of the many nearby parks such as Greenwell State Park and St. Mary's State Park. This small town is perfect for a family in the agricultural business. In fact, Hollywood is the supplier of many products such as soybeans, corn, and wheat. Enjoy the silence and safety of this beautiful small town and purchase in Hollywood, Maryland.

Only an hour away from Washington D.C.

Price ranges vary giving you plenty of variety

Homebuying in Hollywood Maryland is tailored towards the family looking for a beautiful home to settle down in. Let Earnest guide you through the process of achieving your home desires. Finding your ideal rural home is swift and simple with Earnest. According to Trulia, Hollywood's median home price is $195,250 making now the perfect time for you to buy in this small and beautiful town.

Common Questions About Buying a Home in Hollywood

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.