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Chesapeake City homes with waterfront views

Chesapeake City is a small coastal town and beautiful all year round. Whether you are enjoying waterfront attractions in spring and summer or watching snow fall over the river during winter, Chesapeake City never loses its gorgeous views. Whether you're looking for a new vacation home or just somewhere new to call home, Chesapeake City is perfect. With a tight-knit community and many community events, Chesapeake City will welcome you with open arms. It's a safe and affordable place to call home.

Waterfront homes at an affordable price

Feel like you're living in a vacation full-time

Enjoy waterfront views year-round in Chesapeake City. Right on the coast of Maryland, Chesapeake City offers all of the great views, fun activities and relaxed feel of a coastal town. You get to enjoy all of this without the large price tag. Chesapeake City has a great public elementary, middle, and high school all within driving distance. Parents can feel good knowing they're sending their kids to quality schools nearby. Spending days relaxing by the water, shopping in town, or boating means there's something for everyone here. More affordable than the Maryland home value average, Chesapeake City is a hidden gem, so choose from the many different types of homes quick before the secret gets out.

Become a homeowner in Chesapeake City

Less stress and a more enjoyable life

Buying a home that you're excited about should make you happy, not stressed. However with so many prices and homes to compare, all while competing with other buyers, can make the process seem endless. Thankfully, this is where Earnest comes in to save the day. With Earnest's assistance and tools, we can help you identify the amenities you need in a home. We can also analyze your financial profile to determine what you can afford in a home. Median home sales prices were at $247,450 in November 2016, but they're set to increase so invest in your Chesapeake City home today.

Common Questions About Buying a Home in Chesapeake City

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.