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The home you've been looking for is in Easton

Easton is the friendly location you've been searching for. Located on the Eastern Shore of the Chesapeake Bay, all the neighborhood attributes you could ever dream of can be found in this safe, secure town. Considering the walkability it offers, you can enjoy the beautiful scenery as well. Top-notch schools, unique restaurants, and various attractions make Easton the perfect place for everyone.

Move to beautiful Easton

Elegant scenery and homes await

Easton is the place you've been looking for. This walkable location and population of 16,617 are just the ease of access and size you want. Close to the shore with restaurants and entertainment, it has a multitude of things to do for its size. With a median home price of only $364,900 according to Zillow, Easton is a steal for everything it has to offer. Home values have increased in the area by 8.7 percent in this walkable area just in the last year. Invest now--you won't regret it when you see your own home values soaring.

Buy your new home in blissful Easton

Home loans made easy with Earnest

With so many houses on the market, it's hard to narrow down your options. Earnest has the tools to help you understand what you need to find your dream home and call it your own. Invest in your future by making Easton your new home today--you'll love its location and amenities. Your mortgage rate will depend on your current financial situation, down payment amount, and credit score. If the process seems confusing, let us give you a hand. Whether you are looking to purchase an initial home or refinance a home in Easton, Earnest has you covered. Our financial calculator is an invaluable tool for any homebuyer.

Common Questions About Buying a Home in Easton

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.