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Buying a home in Knoxville is easy

Knoxville is a nice town that has a lot of history. People first began to settle here all the way back to the 18th century. It's near a lot of natural beauty and filled with affordable and beautiful homes that you can start living in today!

Move to Knoxville today

There's a lot of wonder waiting to be discovered

Homes are so affordable in Knoxville and they continue to rise in value, so you know you're not only investing in your family but also in your financial future. According to Trulia, there are many different types of homes available and there's a wide range of prices available too! Homes are currently listed as low as $60,000 but the range goes all the way up to $1.6 million. It all just depends on what kind of home you're looking for. Safety and family are important in Knoxville. According to Trulia, crime is very low. Knoxville is one of the safest places you could live in Maryland. There is also a lot to do Knoxville, but you'll want to make sure you have reliable transportation because Walkability reports that you'll need a vehicle to discover explore this town.

Earnest will help you get closer to move-in day

When you're in Knoxville, you're home

There's so much to discover and experience in and near Knoxville. From picking blueberries at Frog Eye Farm to hiking up in Elk Mountain Trails to braving the water and heading down the rivers at River and Trail Outfitters, Knoxville has it all. Living in Knoxville makes owning a home affordable while also giving you access to exciting things to do. There are plenty of wonderful restaurants in and near Knoxville as well but a popular favorite is definitely the Guide House Grill. High quality food and a nice outdoor theme help capture the natural beauty of Knoxville. People from other states stop by, according to Yelp, because of how delicious the food it and for the personable service. Knoxville is beautiful town that is waiting to be discovered.

Common Questions About Buying a Home in Knoxville

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.