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Your future in Deal Island begins now

Located in Maryland's Somerset County, Deal Island homes dwell in a sweet spot when it comes to hanging out outdoors. Although this true waterman's town is car-dependent, there are endless opportunities to soak in its breathtaking waterfront views, excellent saltwater fishing, and to hike the green trails around the marshes. Deal Island has all four seasons, so there's something for everyone. With home prices relatively low, now is the ideal time to look at owning a home on Deal Island.

Join the effort to preserve Deal Island heritage

Six miles of sea, seafood, and a fisherman's paradise

Surrounded by the Chesapeake Bay, Deal Island is comprised of two other communities, Chance and Wenona. It is home to blue herons, ospreys, skipjacks--and families who love the outdoors. A true water-lover's town, this six-mile island is well known for its tradition of Labor Day weekend festivities and yet has plenty going on year-round. In any season, you can watch fisherman unload the day's catch of oysters and crab as the local seafood glistens. Deal Island is steeped in rich history and the community is equally rich in organizations to join the effort in preserving that history. The community is closely tied to the Chesapeake Bay with plenty to do in every season.

Discover your dream home on Deal Island

Homebuying made simple and stress-free

Whether it's a home with a waterfront view or a cottage surrounded by green pasture, there will surely be something for you. Buying a home on Deal Island is exciting, so don't miss the opportunity to become a local homeowner. If you're worried about complicated applications, too many decisions, or information overload then you can stop worrying. Earnest can help. The median home value price on Deal Island is $105,000, which is relatively affordable and manageable especially when you consider the many local amenities you will have. With assistance and knowledgeable help from Earnest, your experience with home buying will be smooth and simple.

Common Questions About Buying a Home in Deal Island

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.