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Your path to a new Chester home is here

A popular tourist destination, Chester is located on the coast of Kent Island in Maryland. In a Chester home expect stunning views of the Chesapeake Bay outside your window for those coastal homes. If you're more of a landlubber then homes more inland are available as well. Host to a wide range of traditional family homes or beach-style vacation homes, Chester is the perfect home for those looking for a great community. There are plenty of different types of homes waiting for you in Chester.

A coastal community with city accessibility

A coastal suburb with a short commute

Right by the Chesapeake Bay Bridge, Chester is only a 20 minute drive to Annapolis. So whether you want to visit the Naval Academy or drive to work, Chester's easy accessibility to the Chesapeake Bay Bridge makes commuting simple. For those who want a coastal escape from hectic city life, Chester is the perfect suburb to live and relax in. Or, if you're an Annapolis family looking for a vacation-home escape, it's only a short drive from the city to the beautiful attractions along the waterfronts in Chester. If you're interested in going back to school or just starting your secondary education, there are seven colleges that are less than 30 miles away.

Earnest makes homebuying better

Moving in to your new home has never been easier

Buying a new home is exciting, but it can be stressful. The good news is that you picked a place largely free of stress to live in so once you're settled in you can start enjoying in the relaxation with other residents. Whether you're looking for a first family home or second vacation house, prioritizing what you want and what you can afford is a difficult balance. Earnest assists with finding the happy medium between what you want, what you can afford, and how you want to pay for it. With home prices in Chester lower than ever, but expected to increase over the next year, now is the time to buy. And, Earnest is here to help.

Common Questions About Buying a Home in Chester

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.