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Waterfront property waiting for you

It’s an exciting time to become a homeowner in Piney Point. This photogenic town is filled with a lot of natural beauty and is located right on the coast in Maryland, and you'll have a variety of choices without sacrificing the views. If you like the waterfront, your new house should be in Piney Point.

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Piney Point is the perfect location for your investment

This beautiful town is located right on the edge of Maryland, so you'll never grow tired of the scenery. Whether you're interested in boating, walking along the pier, or catching a beautiful sunset, this location is perfect for you. Piney Point is located 2.9 miles from Lexington Park, Maryland and just 2.9 miles from Bayside, Virginia, so whether you want a retreat from the city or need to commute, the town is in a great location. Although the average age of Piney Point residents is in the early 50s, the town still offers a great school system as well as many universities within 40-50 miles. When you're not taking advantage of the water, check out some of Piney Point’s great museums, like the Light House Potomac River Museum. You'll never be bored in Piney Point, so take a look at the prices of these homes now.

Become a homeowner in Piney Point

Your new home is just around the corner with Earnest

Starting the process of becoming a new homeowner can be daunting, but Earnest can help smooth out your transition. With our help, you'll be nothing but excited about your decision to move to Piney Point. When choosing the perfect place to live, you have to investigate neighborhoods, walkability, mortgage rates, and more, but you don't have to do it alone. Our experts will analyze your past finances and current budget capabilities, so we can identify your target price range before considering your list of other requirements. At Earnest, we combine the big data points with the small details, so you can find exactly what you are looking for. Don't stress over this amazing time in your life. Make a smart investment in Piney Points. Let us help you purchase your new home.

Common Questions About Buying a Home in Piney Point

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.