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Why Oxford just may be your ideal neighborhood

Located right along the Tred Avon and Choptank rivers, Oxford provides a safe neighborhood with great education opportunities, yacht clubs, entrepreneurship, and healthy lifestyles. According to Livability, 86.09 percent of homes are owned in Oxford, and are mostly bought by scientific, professional, and technical professionals. Combined with wonderful education opportunities, walkable parks, and water activities, investing in a home in Oxford may be your best decision this year.

A community that makes healthy living easy

One of Maryland's healthiest cities, Oxford is ideal for living healthy

According to, Oxford is ranked high on the list for healthy cities in Maryland. With 73 percent of the population at a healthy weight, as well as 88 percent of the community being nonsmokers, this town is perfect for those looking for a health-positive place to raise children. The city has two parks and beautiful rivers for activities. Bellevue Park is especially scenic for those looking to take calm strolls or family outings, with a playground on the river that overlooks the water. The Tred Avon Yacht Club also provides activities for the community, offering junior sailing lessons, cruising, and a clubhouse. Oxford is a great place for small businesses, having 6,484 businesses with fewer than 10 employees. Oxford is perfect for family living, neighborhood socializing, and trying a new watersport.

Oxford values education for families

Oxford provides public and private schools for families

Oxford provides great education for families in the area. St. Peter and Paul School is the largest private school in the area. This parochial, Roman Catholic school is co-educational and located in Easton, MD—a 20-minute drive from Oxford. It is ranked #17 on Niche's 2017 Best Catholic High Schools out of 33. According to a 5-year survey conducted from 2010 to 2014 by the Census Bureau, 99.4 percent of the community has educational attainment. Buying a home in Oxford is not only a great option for your dream home, but also an investment for your children's' future.

Common Questions About Buying a Home in Oxford

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.