Alert Message

Find your dream home in Upper Marlboro

Rich history, rustic charm, and entertaining establishments all add to Upper Marlboro’s allure. Located east of Washington D.C., this historic community is renowned for its association with John Churchill, the Duke of Marlborough, and relative of Winston Churchill. Inhabited by 667 residents, the city is comprised of colonial-style manors, characterized by crown molding and lush landscaping. Investing in a home here is possible through affordable loans made possible by Earnest. []

Stunning Upper Marlboro manors for sale

Rich history, rustic charm, and four seasons

Nationally recognized as the seat of Prince George’s County since 1721, Upper Marlboro is one of the oldest southern towns dating back to the colonies. The city is renowned for its historical impact and seeks to continue this tradition with weekly town hall meetings. Inhabited by 651 residents, the town is a charming refuge for those seeking to escape big city bustle. With an annual high temperature of 66 degrees fahrenheit, the moderate climate is perfect for retirees and families alike. Despite its small town feel, Prince George's county has myriad methods of entertaining, including hockey games, circuses, rodeos, conventions, and trade shows. Among its many amenities, the community’s equestrian accommodations are truly boast-worthy.

The guide to buying a home in Upper Marlboro

Moderate rates make owning a home in Upper Marlboro easier

Between browsing neighborhoods and comparing communities, purchasing a home can be stressful. Fortunately, the process can be as simple as communicating your needs. Earnest uses an individualized approach to address your target home prices and location preferences. Despite Upper Marlboro's expansive properties, the median home price is $270,000, making it a worthwhile investment.

Common Questions About Buying a Home in Upper Marlboro

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

People around a computer

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.