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Your perfect beach home awaits you in Ocean City

Ocean City has always been a hot destination, which is why it is the perfect place to buy a beach house. Condos, traditional coastal homes, and modern houses are all available in this cozy town. With home prices listed on average at $316,272, these homes are a steal. And with plenty of oceanfront views and scenic boardwalks, you will feel like you are on vacation every day.

Enjoy all of the opportunities in Ocean City

The perfect setting for your family

In Ocean City, there are a variety of public and private schools to accommodate children of all families. And with miles of boardwalk along the beach, theme parks, and kayaking trips, your family will never want to leave. Imagine all of the possibilities Ocean City has to offer, and you'll want to move in today. Keep active on the beach with an oceanfront property, or just enjoy the views from a condo in the city. You're sure to love this scenic area. With home loans going for affordable rates, you'll find it hard to say no to Ocean City--and, what's more, you won't want to.

Get the best of both worlds with Ocean City

You don't have to hurt your wallet just to buy a home

Whether you're looking for your first home, a vacation home, or a home to retire in, Ocean City has loads to offer. Your family will love taking walks along the beach, kayaking on the ocean, or enjoying the city amenities. Lots of home types are on offer here, so you'll have your pick depending on your preferences. And with home prices in the area listed for lower than the state average, there's no reason why you would want to live anywhere else in Maryland. Earnest can help make your Ocean City dreams come true. We will help you navigate the tricky waters of the home loan process from start to finish. Need help determining your top priorities or all the factors that will affect your mortgage rate? Unsure how much you can afford? We're here for you, and we've got your back.

Common Questions About Buying a Home in Ocean City

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.