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Oakland feels like a vacation at home

With Wisp Resort and Deep Creek Lake right here, Oakland is the ideal community for lovers of nature and the outdoors. Oakland has homes that range in style from wood cabins to traditional family homes, but they all share the same amazing views of the forests and mountains. Average home prices are currently at a low point in Oakland, so act fast before they increase.

Oakland is the ultimate vacation at home

Ski in the winter, hike in the fall, tube in the summer

Located only a few miles from Wisp Ski Resort and Deep Creek Lake, two locations known for their beautiful surroundings and excellent outdoor activities, rests Oakland. Marylanders and Virginians alike drive to Wisp during ski season, and in the summer, families come up to Deep Creek to enjoy the water and weather. In the fall Oakland hosts the annual Autumn Glory Festival, which sees around 50,000 people every year. For history buffs, Oakland is home to the "Church of Presidents," the B&O railroad station (a registered historic site), and a historic main street that is home to bookstores, a theatre, a local pharmacy, and more. With a population of only 1,925 in 2010, Oakland is the perfect place for families, couples, and retirees who are looking for a close community in a small town with great amenities.

Oakland homebuying has never been easier

You find the home, we'll get you an affordable rate

Finally buying your Oakland dream home is a big moment that should not be delayed. However, finding a home in the right neighborhood, for the right price, and with all of your desired amenities can be tedious and time consuming. Let Earnest help you figure out what you want and how you can afford it, because your dreams shouldn't come at a compromise. According to Trulia, Oakland homes are listed at a median sales price of $158,275, making it more affordable than ever to buy your family home, vacation house, or retirement residence.

Common Questions About Buying a Home in Oakland

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.