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Find your family's next home in Cumberland

Stay connected with nature while still having access to major cities like Pittsburgh, Washington, D.C., and Baltimore by buying a home in Cumberland. Your family will love all the attractions in and near Cumberland. You can explore the Great Allegheny Trail or visit George Washington's headquarters while still being close to wineries and nearby states such as West Virginia and Pennsylvania. Cumberland has all that you need!

Make new memories in your Cumberland home

Affordable homes, rich in history

Enjoy your home, rich with history, while also enjoying the wonderful environment of Cumberland! Cumberland is distinct from the rest of Maryland because of its mild winters. No need to worry about snow storms in Cumberland; the climate is much warmer than the rest of Maryland, while still providing you with four seasons. There's also no need to worry about finding things to do outside. There are some great attractions in the area: Cumberland is close to the George Washington and Jefferson National Park, which is located near the Appalachian Mountains and provides plenty of fun outdoor activities such as hiking, camping, and fishing. So whether you are looking for a home for your family or yourself, we are sure you will fall in love with Cumberland's homes.

Traveling is easy to and from Cumberland

With major roads running east and west, you can go anywhere with ease

We all know how important travel is. With our busy schedules, we want a home that is close to major roads and easy to access. Luckily, Earnest has found the perfect place for you to live. Cumberland is situated close to major roads and cities, making travel a worry of the past. With Interstate 68 running through it, Cumberland is ideal if you are traveling in or out of Maryland to West Virginia! And if you don't want to deal with a large interstate, Alternate U.S. 40 is another option. In terms of public transportation, there's also an Amtrak station that you and your family can enjoy. It's recommended that you own a personal vehicle for your life in Cumberland, but Walkscore gives Cumberland a walkability score of 51 out of 100, reporting that some errands can be accomplished on foot.

Common Questions About Buying a Home in Cumberland

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.