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Eden is hiding serenity and diversity

Hidden gems, like Eden, Maryland, are a reminder of the world before technology invaded the tranquility that once blanketed the world. This community, nestled a good distance away from any major cities and a half hour drive from Chesapeake Bay, is perfect for any family that loves road trips, the outdoors, and serenity. The median price for homes in Eden are 111,200, which is lower than the national average. But, Eden still has plenty of different homes throughout the town.

Eden has various properties waiting for you

Eden is a diverse community that has more to offer than meets the eye

Similar to many small towns, the Eden community is comprised of a lot of land, wildlife, and a more relaxed way of living. This area is for individuals, couples and families that appreciate everything the earth provides us. It's an area where it's small enough to know all the neighbors, but big enough to give everyone actual privacy and space to breathe at the end of a long day. Eden is only 30 minutes away from Chesapeake Bay, about 2.5 hours from Baltimore and right next door to Delaware. Eden has much to offer for the outdoors/adventure type person.

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With Earnest Realty, your "too good to be true" mentality is the reality

Although 81 percent of the units in Eden are owned, 18 percent are rentals. Eden isn't just a community for older professionals, it's a community for families, young adults, and grandparents who have settled there. Eden is a forever community—a place to begin memories and traditions. Earnest Realty will not only assist in narrowing down your search, but also aide you in making a decision that hopefully results in many family and friend gatherings and memories.

Common Questions About Buying a Home in Eden

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.