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Buy a new home in Centreville, Maryland

The small town of Centreville, Maryland may be quaint in size, but what it lacks in sheer numbers it makes up for in personality. Boasting a range of historic houses and landmarks, the town is located at the easternmost edge of coastal Maryland. From almost any point in the town, you are granted beautiful views of the water. Combined with the magnificent architecture of the houses, Centreville looks like a product of the imagination. Become a homeowner in this picturesque town.

Find comfort in Centreville at a low cost

The houses are beautiful, affordable, and perfect for any resident

Just over 4,450 people call Centreville home, but while it lives up to its “small-town” name in spirit, the town still provides its residents with all they might need. Best known for its well-preserved homes, Centreville is still bustling with the life of small businesses. The town is located just a few short miles from Queenstown, Grasonville, and Queen Anne, Maryland as well, and the city of Baltimore is just over 30 miles away. Many of the sites in Centreville have been added to the National Register of Historic Places, including Centreville’s courthouse, which is noted for a golden eagle set atop its roof, said to symbolize the nation’s patriotic origin. Whether you're in the town-square or roaming the historic streets, you'll feel the energy of Centreville, and you'll want to be a part of it.

Earnest can guide you to your home

Secure a loan with Earnest so you can live in Centreville

Centreville is historic, elegant, and comfortable, but no matter how great your desire to live in this Maryland town, the process of buying a home is complicated. At Earnest, we have the experience and technique to maneuver your purchase, without sacrificing your priorities in the process. Our analysts look at your credit score and financial history to build a profile that will help you determine where your wants match your capabilities. Centreville may be the perfect town for you, but before you invest, you will need the right information—and a loan. Don't let the process of homebuying overwhelm you. We want to help you turn your dreams into a reality, and with our simple application process, you can get a loan without the hassle. We can help you buy the right house in Centreville.

Common Questions About Buying a Home in Centreville

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.