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Nanjemoy homes in town

Hidden in the woods just south of the Washington D.C. metro area and right on the Potomac River across from historic Fredericksburg Virginia, Nanjemoy is a small town that is perfect for those looking to get away from the city and live a quiet life. Also across the river from Quantico, the home of the CIA, it is well placed for the federal agent looking to relax at the end of the day with a view to the water.

Fall in love with house in a historic town

Live in Nanjemoy

Located at the end of Charles County on the Potomac River, Nanjemoy, Maryland is a gorgeous little town that has so much to offer to the woods-person that wants a taste of city life too. Only 20 miles from Washington D.C. and even closer to the Washington D.C. public transportation system getting into the city is a breeze. There is an emphasis on woodland activities in Nanjemoy. The people of the town take advantage of the location and love to do things like hike, boat, fish, and hunt during their free time. For history buffs, the colonial town of Fredericksburg and the home of Martha Washington, is also right across the border in Virginia. Nanjemoy is a still place that could be your next home.

A lovely wooded town that is your next move

Buy a new home in Nanjemoy and live the good life

Looking across the Potomac River from either the CIA Headquarters in Quantico, Virginia, or Fredericksburg, Virginia you will see Nanjemoy, Maryland through the trees. This small former tobacco town in Charles County is just 25 miles south of Washington D.C., it is perfect for anyone that wants a quiet woodland life full of fishing, hiking, boating, kayaking, cycling, and hunting which are all popular activities in the area. If you are looking to look to the stars instead of the seas you can visit the observatory that belongs to the Southern Maryland Astronomical Society by Nanjemoy Creek. This area is just right for anyone that loves the outdoors and might work in the Capitol area.

Common Questions About Buying a Home in Nanjemoy

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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