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Mechanicsville homes await

Mechanicsville has the small town charm you see in movies while also keeping you close to the water and entertainment. Beautiful scenery and a peaceful atmosphere make up this lovely suburb. Beautiful attractions, unique restaurants, and various types of homes for all potential buyers are just one click away. Mechanicsville isn't a place to hesitate over!

Uncover your new home in Mechanicsville

The peace and quiet you want

Mechanicsville lies in the ideal location for a small town, with both Washington, D.C., and Alexandria, Virginia, close by. With its ideal proximity to both the city and the water, you have the option of taking a weekend to enjoy the shore or the bustling city. Even commuters can enjoy coming home to their peaceful house after a long work day in a busy area. Families with young children will love the combination of local and city amenities. With the median price of homes at only $278,000 according to Zillow, this is a wonderful place to settle down. Don't delay, or you might miss your chance to find your home here.

Peaceful living in Mechanicsville

Your dream home is ready for you

With Washington, D.C., and Alexandria, Virginia, just over 30 miles away, you're never far from the city--but just far enough to feel at home. Seeking a home loan to help you get exactly what you want in Mechanicsville is easy and affordable with assistance from Earnest. The area's economy is healthier than the state average, with higher household incomes, making this quaint beach suburb the perfect place to settle down. Start exploring now and find your new home equidistant from the city and the shore. We can help you every step of the way, from determining your homebuying priorities to identifying your target price range. Once you see Mechanicsville, you won't want to wait.

Common Questions About Buying a Home in Mechanicsville

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.