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Find your dream home in Riva

Less than 30 minutes from Annapolis and under an hour from Washington D.C., Riva is the ideal location for those who want accessibility to a city for both the work and attractions they offer without having to deal with the cost. With beautiful views of Broad Creek or South River, Riva makes a perfect location for family homes, retirement residences, or a second vacation house. According to Zillow, home values expected to rise by 3.6 percent by next year so now is the time to invest.

Find your scenic refuge in Riva

Close to the city with the charm of a small town

Riva is an easy 30 minutes from downtown Annapolis and under an hour from Washington D.C. Whether you want to stay local and visit Riva's variety of shops and restaurants or take a day trip into the city, Riva has something for you. With many different types of homes available, homebuyers can find homes right on the water or inland to get exactly what they're looking for. Crime is also very low and there's a great feeling of comfort and safety in Riva. According to Trulia, November 2016 marked a median sales price of $417,000 for Riva homes. Values are expected to rise over the next year and 91 percent of residents in Riva are already homeowners because they know it's a great place to live.

Owning a Riva home has never been easier

An easy application, low rates, zero headaches

Whether you're looking for a full-time residence or just a vacation home, Riva's wide range of home sizes and styles is equally exciting and overwhelming. Comparing what you want with what you can afford does not always match up, but Earnest can help. We help you prioritize what you want in a home while also finding your target home price through analyzing your unique financial profile. With Riva homes at a median sales prices of $417,000, according to Trulia, these homes are an investment worth making. Especially considering the expected appreciation value of a Riva home, Riva's close proximity to Annapolis and Washington D.C. make it an ideal location for any kind of buyer.

Common Questions About Buying a Home in Riva

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.