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Find a new home for half the money in Fairplay

Fairplay is located in Washington County, Maryland, which offers countless neighborhood amenities to all residents. The average housing cost in the county is lower than the state average, making now an ideal time to invest. If you're searching for small town living with great attractions, Fairplay is the place for you and your family. Wait no longer!

Fairplay offers lots of land for big creations

As land plots continue to become available, now is the time to invest

According to Zillow, there are a ton of lots or land plots on the market. If you decide to buy an existing home or want to freely create your own, Fairplay is the best spot. With open fields and lush grass, it seems hard to think about finding a better option. However, if you choose to buy an existing Fairplay home, the median list price of Washington County real estate is much lower than the Maryland state average at $178,500, based on information from Zillow. This is much lower than the Maryland state housing price average of $265,400.

Earnest can help make Fairplay home!

Looking to buy, but need a loan?

There are a large amount of similarities between buying a home and refinancing. Both can be extremely stressful, but Earnest helps to relieve any worries. With their quick application process and on-hand experts, you'll never want to trust another company again. Utilize the loan calculator to gain an understanding of what kind of loan will work best for you and your family. These amounts are personalized and depend on your credit score, down payment amount, and financial situation. Earnest can make your dream a reality!

Common Questions About Fairplay 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.