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With nearly 100 historic structures dating back to the 1850s, Stevensville is home to strong traditions and a long history. In the temperate Northeast, Stevensville is host to all of the seasons: cool falls, cold winters, warmer springs, and hot summers. For those who want to live in the quintessential small town, Stevensville is the place. And with bus lines to Annapolis and an hour's drive to Baltimore, you're never too far from city life.

Historic family homes in Stevensville

A small town with grand history

Only a short drive from the coast, Stevensville is nestled on Kent Island, right off Maryland's mainland. This small town is great for anyone who wants nature, history, and community right at their fingertips. With a myriad of public schools nearby, families can rest assured their children will receive a quality education in Stevensville. The median age of Stevensville residents is 39, marking it as a youthful community full of people who will stay to raise their families for years to come. Home to the Stevensville Historic District, there is a host of historic sites, shops, and restaurants to keep everyone occupied and entertained.

Your Stevensville home is only a few steps away

For a home loan with few headaches, look to Earnest

Moving is hard, and finding the perfect home to move into can be even harder. Trying to find the right home size, neighborhood, and town for you and your family takes up more time than most realize. But it doesn't need to be this hard. Let Earnest help you find your perfect home in a great neighborhood at a price you can afford. According to Trulia, Stevensville homes are priced much lower than normal right now at a median of $302,226. But these prices will increase soon, so now is the time to invest in your future.

Common Questions About Buying a Home in Stevensville

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.