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Welcome to Jessup

Jessup, from the outside looking in, seems suburban yet it possesses the characteristics of a small rural community. Surrounded by the nearby towns of Savage, Fort Meade, Severn, and Maryland City, Jessup possess a history and serene atmosphere all its own. Spurrier's Tavern, a farm and tavern located between Baltimore and Washington where George Washington travelled regularly, remains a popular gathering spot for visitors and residents alike.

Jessup gives you the best of both worlds

A perfect blending of modernity and tradition

Jessup offers its residents a thoroughly unique mixture of urban, suburban, and rural elements. It lies only 10 minutes away from the Maryland Live Casino, 20 minutes away from Baltimore, and 40 minutes away from Washington, D.C. Weekend getaways to either of these bustling, historic cities are therefore easily available. Moreover, the town is only 10 minutes away from the Baltimore/Washington International Thurgood Marshall Airport, ensuring that this quiet town never feels cut off or insular. On the other hand, Jessup possess the population density of a suburb and the languid rhythms of life in a rural town. This blend of elements gives Jessup residents the unique ability to alternate between fast-paced city life and relaxing, quiet country life, according to their preference.

Buying a new home and a little mortgage talk

Earnest knows which homes are the best deals and steals for you in Jessup

Earnest Realty will be your best friend during home buying season, easily completing all items on your homebuyer's checklist. They will personalize your experience by factoring your budget, which they painstakingly analyze, into finding a town that most closely matches your needs in areas like education, safety, and commuting distances. Earnest takes your preferences seriously, which will enable them to find you the most satisfying Jessup home possible. This close attention to your individual circumstances, coupled with his methodical research and budgeting, puts Earnest in a position to exceed your home buying expectations.

Common Questions About Buying a Home in Jessup

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.