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Park Hall an inclusive community for all

Although Park Hall is incredibly small, there are still many opportunities in this small town, including the opportunity to choose from many different types of homes in the beautiful state of Maryland. There's a rich and friendly atmosphere in Maryland that helps attract the best neighborhood attributes, and it's all because it's such a family oriented location. The majority of homes in Maryland are owned by families, and it just makes the state that much friendlier.

A chance to experience all seasons

Your homebuying experience made easier

There's no reason you can't make your dream of owning a home come true in the beautiful state of Maryland. There are so many different types of homes to choose from and plenty for each and every budget. It's also a great place to work, because not only are there so many different kinds of job industries to choose from, but most residents have a commute time of only 25 minutes. Families having time to be at home has been proven to help keep crime low and is likely one of the reasons that safety is so prevalent in Maryland. Median household income has increased by almost $20,000 in the county that Fishing Creek is a part of. Washington county has also seen vast growth for median home values; median home values have increased by almost $100,000 since the year 2000, and there's no sign of it slowing down.

Home buying made easy from start to finish

Your dream home awaits you in Park Hall, Maryland

The main attractions in Park Hall and the surrounding areas are definitely the waterfront areas and the natural beauty you can not only experience but live within in this great location. Residents are only a short drive away from St. Mary's State Park, St. Mary's River Sanctuary, Cedar Point Sanctuary, and the Potomac River. Maryland is a beautiful place to live and Park Hall is no different. There's so much to do and see when you take a step outside your front door. When you're ready to step back indoors, there are almost 100 restaurants in the Washington county area waiting for you to discover and experience. Park Hall may be a small town, but it's both affordable and comfortable.

Common Questions About Buying a Home in Park Hall

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.