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Finding a beautiful oceanfront Worton home

Worton is positioned conveniently by the Chesapeake bay, and has a wide variety of single-family homes for interested buyers to choose from. It’s known for several family-friendly attractions such public parks, marinas, beaches, and ball fields. While there are limited restaurants in the area, there are plenty of other nice attributes, such as quality schools, large home lots, neat little neighborhoods, and slowly rising home prices that make this small town worth taking a look at.

Small town meets beachfront in Worton

The home of your dreams, with excellent interest rates

Plentiful cul-de-sacs and open fields add to Worton's charm. It’s an easy-going and safe place to live, with a few Marinas and plenty of boat launches for enthusiasts that want to get out on the water. Worton Elementary school offers local children a quality education. A private school is available in the area as well. Single family homes are the standard in the area, and they come in a range of sizes and price ranges. Children love to go and play at Worton Park. A variety of ball fields give everyone a place to have some fun. The town is situated near historic Chestertown and less than two hours away from both Washington, D.C. and Baltimore.

Moving into a Worton home has never been easier

Excellent interest rates and a simple loan application process

At Earnest, we can help you procure the mortgage you need to secure the Wharton home of your dreams. With mortgage rates at an all-time low, and plenty of affordable homes in the area, now is an excellent time to put yourself into a new home in Wharton. We'll help you go over your finances in detail, and come up with the best plan to get you and your family into the home of your dreams. Fill in your information today and find out what type of home you can best afford.

Common Questions About Buying a Home in Worton

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.