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The search for your Elkton home begins here

Located on the Colonial Highway of America on the northern headwaters of Chesapeake Bay, Elkton is midway between Washington, D.C., and New York City. This quaint neighborhood is home to just over 15,000 residents, with all the charm of a small town. But at a short distance from both Baltimore and Philadelphia, all the convenience of the city remains on your doorstep when you buy a house in this cozy community.

Come enjoy all four seasons in your new home

Experience the benefits of living in Elkton

Located midway between historic Washington, D.C., and the city that never sleeps (NYC), Elkton is a perfect destination for families. In this comfortable and charming small town, residents never run out of things to do. From a variety of parks and natural attractions to the shops of downtown Elkton, this tight-knit community won't let you down. Whether you're looking for a starter home or a larger house with lots of land, Elkton has what you need.

An affordable home in Elkton, just for you

Let Earnest turn your dreams into reality

Purchasing a new home is one of the biggest decisions you'll make in your life. That's why it's so important to get to know the area you're moving to and ask questions about the process. Earnest strives to make every step of the homebuying process as simple and stress-free as possible. With mortgage rates at an all-time low, now is the best time to invest in your dreams of owning or refinancing a home.

Common Questions About Buying a Home in Elkton

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.