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Find a great community for a low price in Clements

Living in Clements means much more than the money in your wallet. With so many historic destinations and pride, this community is strong. Clements and St. Mary's County is close Myrtle Point Beach and Elms Beach, making this location even more perfect for your new neighborhood. Buy your perfect home right in the midst of nature, history, and beach attractions for your family.

Foreclosures could grant you a steal in Clements

What to consider when looking at a mortgage

Currently, there a ton of foreclosures in Clements. On Zillow alone, there are 2 properties out of 8 in the area that are either foreclosed or in pre-foreclosure. Foreclosures typically make rates decrease in value. So the more foreclosures in the area, the better of a price that you might get, not to mention the fact that the foreclosed homes can offer great building opportunities. The median list price of homes in the area is $269,900, according to Zillow.com. This is just above the Maryland state average price of $265,400. The area economy is boosted and steady. Move to Clements today!

Tips and tricks for buying fast

How Earnest can help your home buying process go from bumpy to smooth

Buying a home or refinancing a home are equally stressful. Earnest relieves your worry with their 10-Day Payoff. The first step is applying for one of their loans. The application process is online, quick, and easy. Once being accepted, you can start the 10-Day Payoff. This is when Earnest helps you eliminate your old loans by paying them off and starting a new one. During this time, you are only expected to pay the current loan amount from your old provider, plus interest. Once calculating what this amount would be, Earnest sends you a "payoff" check with the total amount for your old loan. Paying off your own loans and a new home all in one is a great deal.

Common Questions About Clements 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.