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Welcome has big family homes at small prices

According to the U.S. Census Bureau, Charles County has a total of 56,404 housing units, giving you tons of options to choose from. Currently, the median housing value in Charles County is $299,999 according to Zillow, making these homes a definite possibility for starter or permanent homes. Expect beautiful and spacious traditional-style homes when looking in this small town. If you're lucky, you might even find one with a waterfront view!

Welcome is the ideal place for your starter home

A small town with plenty of attractions

In the town of Welcome, there are a ton of attractions that make this small neighborhood worth your while. Only 7 miles away from La Plata, the Charles County center for government, Welcome lets you enjoy all of the county's attractions as well as a way to learn more about them through its government center. Not only this, but buying a home in Welcome will give you access to Goose Bay campgrounds and a marina for outdoor activities and fun. Housing values in Welcome are $34,599 more than the Maryland state average, according to Zillow. This price reflects the steady and healthy economy of the area, making now the best time to invest.

Finding the budget for a home in Welcome

A quick and simple way to seal the deal on your new home

There are many similarities between buying a home and refinancing. Both processes are stressful, but Earnest can relieve this worry. Finding your dream home can be easy, but affording it is a different story. WIth a median housing value of $299,999, homes in Charles County can get pricey. Don't fret, however, as Earnest has your back. Earnest makes affording your home easy with short and quick online applications, along with a calculator that helps determine which loans might be the best fit for each particular homebuyer. And when it comes to your credit score, a low number won't break the deal. Rather than just looking at this number, Earnest views all aspects and characteristics of your life, making obtaining a loan a more likely possibility.

Common Questions About Welcome Mortgage Rates

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.