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There's something for everyone in Betterton

Known as the “The Jewel of the Chesapeake,” Betterton offers more than just a summer getaway. Loved by residents and vacationers alike, this town is brimming with options for all homebuyers. Choose from an array of classic Victorian homes and summer cottages. If you’re seeking something more modern, go for a more contemporary look with Betterton’s townhouses and condominiums. Whatever your style, you are guaranteed to find what you’re looking for in this sparkling town.

Discover “The Jewel of the Chesapeake”

Come join this town loved by residents, weekenders, and vacationers alike

Once a small fishing village, Betterton today is a booming town and summer hideaway. From classic Victorian houses, cozy summer cottages, and modern townhouses or condos, Betterton offers homebuyers their choice of homes. While there are no grocery stores within the town, nearby Chestertown offers grocery stores and shopping centers. Within the town limits, residents and visitors can enjoy Betterton Beach, visit the Five Rivers Farm, or take a walk through Betterton Historic District. With so many activities to choose from, two major international airports within close driving proximity, and a magnificent view of the Chesapeake Bay, it’s no wonder this town is loved by residents, weekenders, and vacationers alike.

Your new home in Betterton is calling

Buying a brand new house or apartment in Betterton has never been easier

Whether you are looking for a great place for your family, a summer vacation spot, or a place to enjoy your retirement, Betterton is the place for you. Earnest understands that buying your new home can quickly become overwhelming. Earnest will analyze your unique financial profile and help you identify your priorities as a homebuyer. Once that's done they will help you find a target home price that is right for you and your specific needs. They even offer a simple online application to help you get started on this process. Don't stress out. Focus on what's important. With their help, you’ll be calling “The Jewel of the Chesapeake” home in no time.

Common Questions About Buying a Home in Betterton

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.