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Pretty homes in Pomfret

Pomfret is located in Charles County, Maryland and as of 2010, according to the U.S. census, had a population of 517. Although this town many amenities, it is located south of the city of Alexandria, which is the sister city to Washington D.C. Pomfret is located east of the Potomac River, making it close to genuine nature attractions with opportunities to explore. With many parks nearby, all of your daily fun activities will be covered while also getting your exercise in.

West of the Chesapeake Bay

Plenty to do nearby

Most of Pomfret's business are located in the town over, five miles away, on its main highway, Crain. Here you have many restaurant options, from Pizza Hut to Panera Bread. This is all conveniently located within the same street where you will find a Target and a CVS among the many commercial businesses. Ten miles away you have the St. Charles Towne Center with plenty of shops and a move theater. Within the town you have Dr. James Craik Elementary School, College of Southern Maryland and Maurice J. McDonough High School, offering plenty schooling opportunities for every age. Pomfret is the perfect little town for the homebuyer looking to live quietly and comfortably.

Quiet community town with friendly neighbors

Earnest will make your homebuying process a breeze

Pomfret is perfect for the first-time homebuyer desiring to live in a cute town with a lot of soul. Earnest understands what your many needs are in your home from turnkey ready, safe schools, walkability, and safety. Earnest is dedicated to helping you find your best mortgage rates and helping you find the best home in the best neighborhood. We can make your home dreams come true without going over budget. Homes in Pomfret are more affordable than ever and available as low as $230,000. Trust the homebuyer that cares about each customer as if they were family--trust Earnest with your homebuying needs.

Common Questions About Buying a Home in Pomfret

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.