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Discover Rock Hall--A charming town

Rock Hall, known as "the Pearl of the Chesapeake," sits right along the National Chesapeake Scenic Byway, resulting in stunning water views and a nautical lifestyle for many within its borders. Though between many metropolitan areas like Philadelphia, Baltimore and Washington D.C., Rock Hall has a thriving entertainment and dining scene thanks to the large harbor that draws locals and visitors alike.

The small town life is waiting for you

Discover Rock Hall's charm and array of local recreational activities

Rock Hall is known for its sailing, boating and fishing. Its prime position along Chesapeake Bay has developed a thriving economy in the area that revolves predominantly around its port. The Rock Hall Harbor is the heart of the town's entertainment, with boat and kayak rentals, restaurants, and other attractions centered around it. The town also has several county parks close by, adding to the neighborhood attributes. Along with life on the water, Rock Hall also is home to a wildlife refuge, delicious and fresh seafood and ample lodging for visitors looking for a getaway. It also has a dedicated business association that works with a variety locally owned shops and boutiques. With events planned throughout all four seasons of the year, this small town is an idyllic spot to search for your new dream home.

Low Rock Hall prices make it easy to move

Find a full-time or seasonal home on Rock Hall's picturesque waterfront

Rock Hall has many options for housing and waterfront property, homes further inland and even seasonal summer housing. With such an array of possibility and a dramatic range of prices, it's understandable that making a decision would be an overwhelming process. But, no matter if this is your first home or a vacation home for you and your family, the first step in moving into your dream property is securing the financial funding. Let Earnest help you to make the process easier than ever. Though rates and loans vary, Earnest will consider your entire financial profile to deliver you the best possible deal and help you get the best house for you and your family. With personalized results from Earnest and an average Rock Hall housing price that's below the surrounding areas, act now and to find the home of your dreams.

Common Questions About Buying a Home in Rock Hall

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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