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Welcome to the Poolesville community

With a population of just under 6,000 residents, Poolesville might seem like your average small town, but a closer look reveals a vibrant community with plenty to see and do. Located in proximity to a variety of places of interest, including Washington D.C. and Alexandria, VA, Poolesville is a family-oriented, thriving community with top-rated schools and a focus on safety. There are copious options for recreation and relaxation with its many attractions both in town and nearby.

Poolesville aims to please

A small town that's in a class of it's own

Located in Montgomery County, Poolesville has small town charm with the resources of a much larger suburb. The town is home to several historical landmarks, including The Old Town Hall Bank and Museum, an 1880s schoolhouse, and a general store built in 1793. The area is also surrounded by various orchards, vineyards, and farms, making Poolesville a plant lover's dream. Other outdoor recreation includes places to golf, hike, bike, and kayak or canoe. For families with children, Poolesville has an excellent school system. In particular, Poolesville High School was ranked #64 on Newsweek Magazine's list of the top 100 public high schools in America in 2011 due to its rigorous curriculum and high level of academic achievement.

Find your new home in Poolesville

Fast and easy loans from Earnest make it possible

With proximity to Washington D.C. and Alexandria, VA, and an exciting energy of its own, Poolesville is the perfect place to settle down since it's near plenty of different attractions and all kinds of jobs. However the rigorous process of finding a home can make it seem impossible. Earnest is here to simplify it by taking your needs and financial situation into account to make your Poolesville dream home a reality. The median home price in Poolesville is $406, 900 and is expected to rise by 1.8 percent next year, making now the perfect time to invest. No matter your budget, Earnest can help you find the perfect home for you and your family.

Common Questions About Buying a Home in Poolesville

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.