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Find your home in Port Republic

Located right on the Chesapeake Bay, Port Republic is home to just under 4,000 residents. This small area is an unincorporated area, and while there is no business district, Port Republic is just a short commute to a variety of attractions and plenty of different places to work. If you like water views and days spent at the beach, Port Republic is the place for you.

Find your thrill in Port Republic

See what you can afford as your dream home

Life along the Chesapeake Bay is a fun-filled adventure in Port Republic. With historic attractions, local restaurants, and an annual jousting tournament, residents in this quaint town take pride in their community. There's a heavy family presence here which only adds to the warmth and safety that can be found in Port Republic. With the college of Southern Maryland located in Prince Frederick, Port Republic's neighboring town, this is a great place to live for those that are interested in going to school as well.

Welcome to your new home in Port Republic

Help turn your dreams into reality

Purchasing a home is one of the biggest decisions that someone can make. With that said, Earnest is here to make this process as easy, affordable, less stressful, and efficient as possible. With housing values predicted to continue to rise within the next year, today is the day to make your move and begin your homebuying process. Whether you are looking for a first time home or are in the market to refinance, Port Republic has a home for you.

Common Questions About Buying a Home in Port Republic

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.