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A Callaway home can easily be yours

Callaway, Maryland is truly the perfect location to create new memories. A small town in St. Mary’s County, Callaway is built for new homebuyers seeking to live in beautiful and green town. Today, the homes and mortgage rates in Callaway are currently on the rise as the end of 2016 is nearing; however, this should not deter anyone from Callaway. There are still great homes available and great prices and you can find value as well as your dream home here.

The right home is in Callaway

Comfortable homes at comfortable prices

Callaway, Maryland is full of residential opportunities and is currently home to only 1,700 people. If you are interested in joining this community, you can either choose to explore the land of opportunities and build a beautiful custom home or buy one of an assortment of beautiful homes. According to Trulia, the current median sales price in Saint Mary’s county is $285,219. Currently, Callaway, according to Zillow, is offering homes and lots ranging from $92,000 all the way to $399,000. With so many options available and so many amenities on offer both locally and in nearby cities, you don't want to miss the chance to explore the idea of life in Callaway.

Callaway home loans made easy

The goal is to move you into your new home as soon as possible

Regardless of the type of home you choose, the neighborhood attributes in Callaway are all positive. With Washington D.C. only 65 miles away, good schools, and nature trails and outdoor amenities in your backyard, Callaway is perfect for families and retirees. Talking to Earnest is the perfect way to get started on your new Callaway life. Whether you are looking to buy your first home or refinance your existing one, Earnest can help make the process easier and quicker than ever before. They will work with you to prioritize your criteria, explore what budget suits your financial situation and help guide you through the process. That means you and your family can get on with living the life you always dreamed of.

Common Questions About Callaway 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.