Alert Message

You're already home in Chestertown

Located along the Chester River, Chestertown is a great place to buy a home. There are plenty of different types of homes to choose from and they all remain unique and affordable. Chestertown is a great town to start your life or raise a family. Largely due to its safety, affordability, and the economic stability it offers, a lot of families have chosen to make their home here.

Historical and affordable

Chestertown homes are waiting for you

If you love being near water then Chestertown is the place for you. Chestertown is located near Tolchester Beach, smaller islands clustered around the coast, and capes such as Cape Charles. Chestertown has many different attractions to choose from; from the public libraries to the many waterfront areas, there's plenty to do in this lovely town. There are also just over 20 restaurants to check out and experience. Some residents drive to the city of Dundalk, which is just over 20 miles away, to experience the almost 400 restaurants and its many shopping centers. You're able to access big city living without all the cost. There are plenty of great schools to choose from in Chestertown with 5 elementary schools and 3 middle schools. There's no high school but residents have their children attend just out of town.

Recapture the simpler and affordable lifestyle

The benefits of a small town while near the big cities

Chestertown has its own designated arts and entertainment district. This district reflects the love for the arts that the residents of Chestertown have. There are also a variety of wine tastings, bars and sculpture galleries to check out as well. Chestertown residents continue to enjoy a more and more prosperous life year after year. Median home values have increased by over $100,000 since 2000 and continue to see growth. Trulia shows plenty of different types of homes to choose from that are within a wide range of budgets. From unique to spacious to large to small, Chestertown has got it all. It just depends on what you're looking for in a home and how much you want to spend. There's something for everyone in Chestertown and homes are affordable and available now.

Common Questions About Buying a Home in Chestertown

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

People around a computer

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.