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Your Edgewater home is waiting for you today

With its location near the water and the city, Edgewater is between the best of both worlds. The safe suburb of Edgewater is the perfect size for those looking for some peace and quiet while living in the suburbs. With its proximity to the water, warmer weather can be enjoyed without going far. Located just over 10 miles from Bowie and under 25 miles from Baltimore, you are never far from attractions offered outside of town.

Live by the water and near the city in Edgewater

Find the dream home for your needs

The median price of a home in Edgewater is $375,900 and expected to rise in the next year, according to Zillow. The median household income in Edgewater is higher than the state average, according to city-data, indicating a thriving neighborhood you'll want to be a part of. The local economy is a fantastic setting to start a new business, purchase a home, or simply find employment. Settle down and never leave in Edgewater. Rates in the area are expected to increase by 2.6 percent within the next year, so don't sit on this opportunity. Find your Edgewater property today!

Discover your dream home in Edgewater

All the peace and quiet you've been looking for

The homebuying process can be grueling, much like refinancing a home. Thankfully, Earnest can help you determine the factors in a home that are important to you--from interior square footage to outdoor space. Then we'll help you narrow down your search to the very best properties and price points. Earnest helps you stay within budget and makes the process simple with our easy-to-use loan calculator. No matter your financial needs as a previous or aspiring homeowner, Earnest can assist you. Edgewater has the home for you, and we want to help you move in. Don't wait until prices rise--buy now!

Common Questions About Buying a Home in Edgewater

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.