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Live the high life in Spencerville

Spencerville is a vibrant and affluent community in close proximity to Bethesda, Rockville, and Washington, D.C. Here, culture is found in abundance. Foodies and art buffs will love the fantastic array of restaurants, festivals, exhibits, and performances the town has to offer, and families will enjoy the availability of activities for all ages. Spencerville homes are grand and land is readily available. Fall in love with a spacious modern beauty or build your own house here.

Spencerville offers art and entertainment

A great place for socialites and art enthusiasts

Spencerville takes luxurious living to a new level. Its stately mansions and spacious modern homes offer only the finest amenities and facilities. Sprawling lawns, gorgeous decks, and in-ground pools transform an already beautiful landscape into lavish accommodations. And for those who prefer to build, there's plenty of land for developing a dream home. Close proximity to shops and the availability of public transport make it a great place to work or retire. For fans of theater and entertainment, living in Spencerville is paradise. There is always something to see, fabulous food to try, and extravagant shops to visit. Even more excitement can be found just a short drive in nearly any direction. See the best the state has to offer with a home loan from Earnest.

Become a homebuyer in Spencerville

Earnest makes it easy to buy your next home

Purchasing a home in Spencerville can be an exciting task, but with it comes the hours of research, planning, and comparisons. Plotting your move down to the very last detail is rarely a quick—or cheap—process. Securing a home loan is the first and most important step. Earnest offers the tools to help you identify your priorities and helps you establish a target home price that works with your needs and budget. Let us help you make your dreams come true with an investment in beautiful Spencerville.

Common Questions About Buying a Home in Spencerville

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.