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Suitland homes provide endless opportunities

Located in historic Prince George's County, just outside Washington, D.C., Suitland is a community with a mildly dense population and endless opportunities. Public transportation is a breeze, and housing prices are relatively low. Suitland also offers a wonderful sense of adherence to core values. Don't miss out on the opportunity of your dreams: a comfortable home in Suitland.

Suitland is the destination for homebuyers

Easy public transport, opportunities for walkability, and affordable prices

A location so close to a big city like Washington, D.C., can make or break a community. In the case of Suitland, there is a wonderful fusion between suburban life and the big city. Suitland offers all the possibilities of Washington, D.C., through public transportation, as well as walkability in and outside the community—all within a 40-minute commute. The small town even offers something extra compared with city life: generous prices and a calm atmosphere away from honking cars and tall buildings. If you are looking for a perfect blend of urban and suburban, Suitland is the place for you.

Finding your dream home in Suitland

Finding a perfect home near the city has never been simpler

With median home values of $190,400, living in Suitland varies in price. But this shouldn't stop you from finding your dream home. With such close proximity to Washington, D.C., be sure to look into this location. Since Suitland has such a large range, doing your research for this neighborhood will be the most important factor in finding a home within your budget. And with 53 foreclosures on the market according to Zillow, you may even be able to find your dream home for less than expected. Take into consideration Suitland's health averages: 86 percent of residents are non-smokers and 76 percent lead active lifestyles. Not only this, but Suitland is also perfect for growing families. With nearly 360 public schools and 236 private schools in the area, your children will have more than enough educational opportunities to take advantage of.

Common Questions About Buying a Home in Suitland

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.