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Homebuying in Crumpton

Crumpton is a small community that entices potential residents with its beauty, charm, location, and scenery. Located on the Eastern Shore in Queen Anne’s County, it offers natural and water-related attractions. Median home prices are comparable to the state average, but the homes are stately, large, and often considered waterfront properties. Whether you're new to the home buying process or looking for a retirement property, Crumpton has something for everyone.

Enchanting natural beauty and charm

Charm and safety makes Crumpton an ideal place for families and singles

Surrounded by lush greenery, Crumpton’s community is a sanctuary for homebuyers seeking serenity. While Crumpton is charming, residents need to have a car. What it lacks in walkability, it makes up for with safety. Shopping in town is limited to an antique auction, but modern shopping centers are a short car ride away. Crumpton is surrounded by nature and is perfect for homebuyers seeking a respite from the chaos of big city living.

Conquor the challenges of homebuying

Earnest can help make you a homeowner

Crumpton’s modern Main Street charm draws many to this community. Buying a home can be tedious and complex. With countless websites to sift through, the homebuying process can get overwhelming. Earnest is here to assist with the process. The staff at Earnest will work with you to discuss your finances and options regarding homeownership. Earnest can minimize out the challenges and hassles by making the homebuying process as simple as possible.

Common Questions About Buying a Home in Crumpton

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.