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Live next to a beautiful state park

This nature-filled small town was originally known as "Shawanese Old Town" and it was established in the 18th century. It has remained true to its historic roots and kept its charm by being unincorporated and geared towards the nature lover. Homes in Oldtown are low in price due to its rural aspect, making it the perfect place to settle down and live quietly in the comfort of your dream home. Each home offers plenty of land to farm and relax.

Your cozy home can be found in Oldtown

Live a nature-filled life near the Potomac river

Oldtown is located on the cusp between Maryland and West Virginia. According to the 2010 census, only 86 people lived in this town, making it one of the smallest rural areas in the U.S. Located near both Rocky Gap State Park and the Billmeyer Wildlife Management Area, what it lacks in size it more than makes up for in impressive natural surroundings and opportunities for outdoor recreation. The nearest schools are the Washington Middle Schools, Northeast Elementary School, and Paw Paw High School all in which are under twenty minutes away. If your dream is to find a town with lots of quiet, plenty of home opportunities at a low prices and nature all around you, consider Oldtown.

Live with nature all around you

Make Oldtown your next home

Buying a home does not have to be a stressful process. Finding the right neighborhood, making sure it is safe, suits your plans for the future and finding it all within your budget can be a hassle. Earnest is dedicated to making it as simple as possible so you can focus on what truly matters—establishing your new future on solid ground. Homes in Oldtown are more affordable than ever with median home prices of $80,000. For the quality of life on offer and the beautiful surroundings, that sort of money makes local homes a steal. If you've always dreamed of living in an area unencumbered by city pressures and with a small-town's big-hearted feeling, Oldtown is it. Live here and make more memories.

Common Questions About Buying a Home in Oldtown

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.