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Make Westover your new home

Westover is an ideal town in Maryland for those who are looking for a quiet, peaceful place to call home. Westover is unincorporated town located in Somerset county. It is somewhat rural and provides beautiful landscapes and scenery. The town is also home to historic landmarks like the Westover plantation. Westover provides everything a hometown should. In the current day of go-go-go, make Westover your home and get back to your roots.

Quality life in a beautiful, rural community

A great small town that has much to offer!

The median house price in Somerset County is $118,000 according to Zillow. This makes the average home price in Westover below the state average which is truly amazing. Somerset County provides you with good schools and the opportunity to enjoy a small town life. If the big city stresses are getting to you—with crazy commutes and insane housing costs, consider taking a step back and getting back to the basics with a small town that will feel like home in no time. The good people of Westover will make you feel at home. The best thing is that you're not too far from the shore, meaning that you can enjoy both country life and shore life. Make Westover your home—you won't regret it.

A beautiful, rural area with affordable housing

Westover will inspire you to get back to the basics

While the average price of homes in Westover is $118,000, you can absolutely find quality homes for much cheaper. Westover truly has a home for everyone. No matter what you are looking for (size, price, etc.), Westover has the right home for you. In addition to homes, Westover also has plenty of land available—and you can purchase very large plots with many acres. This would provide an amazing place for you to build your dream home! Most homes in Westover sit on a fairly large plot of land, meaning you won't experience the more tight surroundings common in a city environment. Even with large land plots, there is still a great community feel. This small town community will not disappoint. Come to Westover for space and community!

Common Questions About Buying a Home in Westover

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.