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Monrovia homes for every homebuyer

Monrovia is the perfect place to start a family! With a small population of 416 this quaint town will be quit and family oriented. There is a strong sense of community here and everyone seems to know everyone. If you want to know your neighbors and have a small town life surrounded by big city experiences then Monrovia is right for you!

A traveler's paradise!

Although Monrovia is small it's surrounded by big cities perfect for travel

If you like a quiet home life but love getting away then Monrovia is perfect for you! Although it is a slow paced town, it is surrounded by three major cities. This location is great for the history lover. Living just outside the nation's capital means you'll never be stumped for something to do or something new to learn! It's also close to Frederick, Maryland, a location so full of restaurants and activities date night will always be new and exciting. And don't forget that although a little far, Philadelphia, PA is only 121 miles from home! This is the perfect excuse to pack up the car and take a trip for the weekend. Home to museums, culture, and lots of sports, your weekends will always be full and exciting. So although Monrovia may seem small, don't be fooled, there is plenty to do and see!

Small town, big community life

Monrovia's New Market Historic District hosts fairs and festivals each year

Often times small towns get a bad reputation for being too slow or boring. However Monrovia is anything but! It has a thriving community full of close knit activity and fun. If you don't want to spend your weekend or summer traveling, you can head to the New Market Historic District located in Monrovia's center. Each year they have summer festival with live music, wine tastings, performers, and more! They are also home to a large civic center that has numerous concerts throughout the year with big names such as Bruno Mars, Third Eye Blind, and Straight No Chaser. This community focused town will make you feel like family as soon as you move in and will provide endless opportunities for fun and bonding with the other residents of Monrovia!

Common Questions About Buying a Home in Monrovia

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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