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You've found your forever home in La Plata

Located just 30 minutes southeast of Washington, D.C., La Plata is a quaint town filled with rich history. On the rise in popularity since the 2000s, homeowners new and old pay less than 30 percent of their income in housing expenses. La Plata has a homeownership rate of 67 percent, making this small town the perfect place to settle down. There has never been a better time or place to invest in a home, and Earnest is here to help you with the process.

Be a part of the La Plata traditions

Blue crabs, baseball, and business

La Plata is surrounded by beautiful waters and home to a Maryland tradition: blue crabs. Steamed, fried, or smothered in seasoning, you can always be the first to enjoy southern Maryland’s crab season. When you're not being served blue crabs, you can head to one of the many southern Maryland recreation facilities to catch a Blue Crabs baseball game. Enjoy a walkable town filled with restaurants, parks, schools, businesses, and so much more. From major retailers to the Indian Science and Technology Company, La Plata County’s private sector has some of the industry's top employers. Median home prices may be higher than average, but you'll feel at ease when buying your home in La Plata County knowing everything you'll get for your money. What are you waiting for? Call Earnest for your home loan today.

Home loans in La Plata for you and yours

Home loans that move as quickly as blue crabs

With an overwhelming amount of housing options, you want to be sure not to miss out on your dream. It’s hard to find time to sift through the websites, drive through the neighborhoods, and compare housing prices. Let Earnest help narrow your search options. Using your checklist of can't-live-without items, Earnest can help you locate your dream home in half the time, with the perfect price. Don't miss out--the perfect home is waiting for you.

Common Questions About Buying a Home in La Plata

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.