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Buy a home in Princess Anne

Home to just over 3,000 residents, Princess Anne is located right on the Chesapeake Bay, within driving distance of the Atlantic Ocean. Like many towns in Maryland, Princess Anne is a quaint town. Nestled between two bodies of water,  the beautiful natural scenery surrounding Princess Anne brings charm to the quiet community. Peaceful though it is, Princess Anne lies within a short 20-mile commute to the entertainment centers, restaurants, and beaches of nearby Ocean City, a bustling beach town.

Save on the house, win with the community

Experience the benefits of being a part of the Princess Anne community

Nestled up to the Chesapeake Bay, and just 20 miles from the East coast, Princess Anne is the perfect mixture of city and nature. Though it is a serene, slow-paced town, residents never run out of things to do. Don't miss out on these beautiful Chesapeake Bay views or trips to the nearby beaches. Nearby Ocean City also makes weekend escapes to the more hectic urban area easily available. With this unique blend of amenities on offer, Princess Anne is the perfect place to call home.

Find your home in Princess Anne

Begin your transition into your dream home

Whether you are purchasing your first home, or are in the market to refinance, Earnest knows just what to do to help you achieve your financial goals. The application process can be stressful, tedious, and confusing. Earnest takes pains to ensure that the stress of the homeowning process never dampens your enthusiasm for the purchase itself. Earnest strives to make this process as stress free as possible. Trust Earnest, and you can start your homebuying process today.

Common Questions About Buying a Home in Princess Anne

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.