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Your dream home is in Hughesville, don't wait

Hughesville, located in southern Maryland, is a part of the DMV region, which is an increasingly desirable place to live. Just 29 miles from the nation's capital, this semi-small town is a hidden gem among residential areas. It's rapidly gaining recognition and people are flocking here as the population continues to increase, capping off at 2,197 at the last census in 2010. If you want to be close to a thriving metro area but don't want to hustle and bustle then Hughesville is perfect for you!

Accommodating prices and beautiful homes await you

Find exactly the home you've been looking for in Hughesville, Maryland

Hughesville is growing exponentially as people are flocking to live in a friendly town surrounded by a busy metro area. As a result, the home value has increased to about $350,000. This makes living here very sought after but a little difficult at times. However, the average income is also more than the national average. The typical resident of Hughesville makes about $145,259, which aids in living so close to Washington, D.C. As a suburb there is an endless amount of amenities and activities to take part in. You can drive the streets looking for your new favorite restaurants, or, if you have kids, go to one of the various recreational parks located here. If you feel like you need a bit more excitement, D.C. is only 30 miles away and offers many family friendly activities and a wide range of nightlife attractions to choose from.

Thriving arts and culture in Hughesville

The arts and history are very important to the residents of this town

In this D.C. metropolitan area there are an unlimited amount of things to do. From visiting top rated schools like Georgetown University, to exploring the various metro parks and hiking trails in the DMV area, you'll never be bored! However, Hughesville is known for its extensive arts and cultural background. This city thrives by having various expositions where they feature various artists and their work. There is also an extensive historical aspect to this city. There are many historical features here including a quick trip to D.C. to visit all of the various historic sites there. Just a quick drive and you'll be able to visit the expansive Smithsonian museum collection, see the monuments, and much more!

Common Questions About Buying a Home in Hughesville

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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