Alert Message

Discover the deals you can get on Dameron homes

Dameron, Maryland is a small yet open town that strives to be inviting to all those visiting and living in the area. Dameron and the surrounding areas in St. Mary's County have seen a lot of growth both in terms of median household income and home values. According to City-Data, there's been an increase of almost $30,000 for median household income and an increase of almost $150,000 in median home values. This growth will surely continue, so now is the time to purchase a home in Dameron.

Experience every season in Dameron

A variety of seasons to enjoy all year long

According to Trulia, there are many different types of homes in Dameron and in the surrounding area of St. Mary's county to choose from. Homes vary in their spatial proportions, but the majority of them are beautiful houses with rich histories. In Dameron, you'll find pleasant neighborhoods and amiable residents, with over 90 percent of the homes owned by families. Dameron and the surrounding areas in the county are close knit communities that are both welcoming and warm. The proximity to the waterfront is one of the town's main attractions as well, so whether you are searching for something affordable in a quaint area or want to breathe in the beauty of waterside Maryland, Dameron is the place for you.

Homebuying is affordable and easy with Earnest

Settle down in comfort and luxury in Dameron

Dameron and the surrounding county has public transit options but less than 10 percent of residents rely on it, while 80 percent of residents use personal transportation to commute to work and run errands. Residents don't have to drive far to get to work. City-Data reports that residents have a mean commute time of less than 30 minutes, which means they get to spend more time with family instead of traveling and sitting in traffic. Dameron and the surrounding county is an extremely affordable place to live, and with Maryland median home values constantly growing, it's a great place to plant roots and invest in your future.

Common Questions About Buying a Home in Dameron

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.