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Buy a home in Boonsboro and save while you spend

Boonsboro homes are beautiful, comfortable, and cost-effective, so while you'll be landing the home of your dreams, you won't have to worry about stretching your budget. Feel like you're living in an era bygone in a stunning house in the historic district, or choose something more modern closer to the National Road. Either way, your options will feel endless, and though you'll have access to neighboring towns, you will have the same lifestyle at a lower cost.

A home in Boonsboro is the right choice for you

You can afford the houses you love. See what Boonsboro has to offer today

In the small town of Boonsboro, you'll have endless access to the gorgeous views of the Appalachian region without traveling beyond your doorstep. What's more, you can live amongst the beauty at a bargain price. In 2016, Zillow valued the average Boonsboro home at $224,300, a price far below those of the homes in nearby Middletown, Myersville, Rohrersville, or Keedysville. Baltimore and Washington are also just over an hour away, and compared to all of the surrounding areas, Boonsboro is by far the most affordable. The homes have risen in value by 2.6 percent in the last year as well, with a predicted 1.6 percent increase for the approaching fiscal year. Investing in Boonsboro is a smart decision, and you won't have to sacrifice to have the home you have always imagined. You can be sure of your choice to own a house in Boonsboro.

Secure a mortgage at a rate that works for you

Boonsboro is just like a dream. Find a house at an unreal price, too.

Buying a house can be a difficult journey, and often, it comes with obstacles. However, homebuying doesn't have to be a chore, and at Earnest, we have the tools to make your purchase a smooth and exciting transaction. In Boonsboro, with 15- and 30-year mortgage rates matching the national average at around 4 percent APR, you know you'll be getting the home you want without having to fret over the cost. The prices are low for high quality homes in Boonsboro. Similarly, if you are looking to refinance your mortgage, Boonsboro rates are low and reliable. For a 15-year refinance plan, you can count on rates at around 3.25 percent to 4 percent APR, with 30-year plans just above this number at around 4 percent to 4.5 percent. Earnest can help you assess today’s market so you can buy a home.

Common Questions About Boonsboro 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.