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Find your new home in North East today

With two registered historical sites, the Upper Bay Museum, and close proximity to two major cities (Baltimore and Philadelphia), North East is the perfect spot for families and history buffs. Or, for those who prefer outdoor activities, North East offers three parks with hiking trails and other nature-based fun. Take advantage of North East and all of its possibilities.

An idyllic town for everyone

Enjoy historic landmarks and hiking trails in North East

Only a mile from Philadelphia and Baltimore, North East is a great location for city workers looking for a suburban refuge. According to Zillow, the median home value in North East is around $211,000, and this will only continue to rise in the coming years. Whether you're taking a hike to nearby Elk Neck State Park or visiting the Upper Bay Museum, North East has something for everyone. North East's main street boasts a variety of restaurants and stores to taste and browse at your leisure, or you can drive into the city for more options. With a median age around 34 years old, North East hosts young professionals and families, creating a wholesome and vibrant community for this up-and-coming town.

Simplify the North East homebuying process

Get your dream home faster

As an up-and-coming town, North East home values are on the rise. But it can be hard to figure out how to get in your first home. Earnest can help you procure a reasonable mortgage rate so you can find a home and move in quickly and seamlessly. North East's proximity to two major cities puts it at a major advantage, making the $211,000 median house value (according to Zillow) well worth it. With help from Earnest, find a home that matches your expectations and your budget.

Common Questions About Buying a Home in North East

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.