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A rich variety of home options in Coltons Point

The community of Coltons Point is a boat ride away from St. Clements Island, which was the location where the first European settlers landed and celebrated the first Catholic Mass in North America. It is itself an attraction when it became part of the National Register of Historic Places in 1972. The overall community of Coltons Point is considered to be the birthplace of religious freedom, considering it was a time when British colonies were predominantly Protestant.

Coltons Point has something for every homeowner

A great destination for anyone that loves history and simplicity

An unincorporated community set off the coast of the Potomac River, Coltons Point offers many opportunities to live a peaceful lifestyle in Coltons Point. It is located proximate to two other nearby rural towns, Abell and Avenue, which are great places to visit. Less than an hour away is Leonardtown—a more urban and populated area, for when you need a change from the serenity of the rural environs. With a walkability score of 7, Coltons Point is a car dependent area because a car is needed for essentially all errands.

A simple lifestyle: A Coltons Point community

Coltons Point encourages individuality and community

Whether you have experience in homebuying or it’s your first time around the block, purchasing a new home is an exciting experience. But with multiple websites to go through, neighborhoods to pursue, potential homes to explore, and mortgage rates to look into, this process can become overwhelming. Earnest helps keep this process running smooth and simple. They work with homebuyers, experienced and beginner, to help identify their main priorities, such as proximity to schools, daily commute time, crime rate, and area walkability. In addition, Earnest will analyze your unique financial profile in order to determine a target home price that's perfect for you and your needs. With Earnest, you can stop worrying about the little things and start focusing on what’s important−buying your new home in Coltons Point, Maryland

Common Questions About Buying a Home in Coltons Point

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.