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Call Port Deposit home today

Located along the banks of the Susquehanna River, Port Deposit is rich in history. The town was placed on the National Historic Register in 1978, and it's 803 residents are passionate about preserving history while continually moving toward modern ideals. Six council members and one mayor oversee the town, and the council members are elected. However, they are unpaid volunteers who give up their time to serve the local community.

Port Deposit is the perfect place to settle down

All the unique history and local food you need

Life along the river bank is a fun-filled adventure in Port Deposit. Lee's Landing Dock Bar is the perfect place to take you children, affixed with a playground and live music. Seafood and craft beer along the water make Lees Landing Dock Bar one of the best places to go in town. Backfin Blues Bar and Grill is great for Sunday brunch, with excellent seafood and steak options. Rolling Hills Ranch is a local horse-riding school where families and individuals have the opportunity to get up-close and personal with animals and learn how to ride horses or improve their existing skills. Port Deposit is a small town with big amenities, making it the perfect place to reside.

Invest in Port Deposit today

Affordable real estate at your fingertips

If you are ready to purchase a home, Earnest can help facilitate the process so you can focus on the important decisions. Depending on your current credit score and down payment amount, Earnest can help determine the best rates for you. Housing values are predicted to soar in the next year, so now is the time to purchase a home in Port Deposit.

Common Questions About Buying a Home in Port Deposit

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.