Alert Message

Let Aberdeen sweep you away with its scenery

Aberdeen has everything you've been dreaming about, from beautiful homes to gorgeous views. Less than 30 miles from Dundalk and Baltimore, Aberdeen is a prime location to let you and your family settle down. City amenities and a tight-knit sense of community can be found in Aberdeen. Find a safe and secure neighborhood in Aberdeen today.

Find your dream home in Aberdeen

The beautiful home you've been looking for is here

A small city of 15,434 according to city-data, Aberdeen has everything you need right in town. Whether you stay local and enjoy the scenic views or head into the city on the weekend, you're never far from what you want to see or do. Close to the water, you can enjoy all sorts of activities both on and off land. The median price of homes in Aberdeen is $199,900 based on data from Zillow, which is lower than the state average. This means now is the time to become a homeowner in Aberdeen. Start making your dreams of homeownership come true today!

Gorgeous Aberdeen is waiting for you

Find your new home in this beautiful small city

The process of finding a home can seem drawn-out and stressful. Earnest is here to help you streamline the process by taking in important factors and calculating the best mortgage rate for your budget. Lose the stress and find your new home with help from Earnest. Whether you are looking to refinance or are a first-time buyer, Earnest can make the financial process less of a hassle. Check out our easy-to-use loan calculator to find your target price range--and make sure to ask your realtor about any discounts you might be eligible for. Aberdeen is waiting for you, so what are you waiting for? Take your first steps toward homeownership today.

Common Questions About Buying a Home in Aberdeen

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

People around a computer

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.