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Little Orleans is ready for you to come home

While small in number, Little Orleans is still a welcoming, inviting and inclusive community. There's a lot to love about a small town, and one of the biggest things is definitely the safety and sense of community that comes with living in a close knit community. It may be a small town, but there are still plenty of different homes to choose from in Little Orleans.

Little Orleans has something to offer everyone

You can find everything you need in Little Orleans

Little Orleans has a lot to offer interested homebuyers. There are over 40 restaurants to discover and experience for both residents and those visiting. As far as attractions go, there's a few different campgrounds nearby and also easy access to the waterfront. There's even boat ramps for when you want to go out on the Potomac River. Little Orleans is a great and affordable town to live in if you want to get closer to the natural beauty that Maryland is so well known for.

From start to finish we make home buying easy

Our rates makes it easy from mortgage to move in

There are plenty of different types of homes to choose from both in Little Orleans and in the surrounding areas. Homes are not only affordable but also almost guaranteed to rise in value based on trends in Maryland median home values. As far as schools go, there are seven colleges less than 50 miles away if you want to continue your education. There are also a few wildlife areas and even the Rocky Gap State Park if you want to get even closer to Maryland's beautiful nature. Little Orleans is a great place to live and it helps represent some of the core aspects that help make Maryland so great.

Common Questions About Buying a Home in Little Orleans

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.