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Located in Calvert County, Maryland, Saint Leonard is known as a Census Designated Place (CDP). Calvert Beach and Long Beach are considered to be part of Saint Leonard. Situated along Chesapeake Bay, the population was 742 in 2010. The area is famous for having a large amount of antique dealers. Beach life and small town charm make the area a beautiful place to settle down.

Saint Leonard is the perfect place to settle

All the shopping, entertainment, and history you need

Antiques, seaside amenities, parks, museums, vineyards, and more await you in Saint Leonard. The Chesapeake Marketplace and Auction House is a well maintained auction market that features booths by rental owners that are only stocked with the finest antiques. Citizens have the opportunity to sell collectibles and antiques for consignment, as well as purchase them. The Flag Ponds Nature Park is the perfect place to go for a day out with your family or friends. This nature preserve has many nature trails, as well as a beach for swimming. The Jefferson Patterson Park and Museum is a great place to go for a short hike in a beautiful and historic seaside setting. Be sure to check out Perigeaux Vineyards and Winery to taste the area's finest wine or listen to music on weekends.

Facilitate your Saint Leonard investment

Now is the best time to buy

When you purchase a home, you want to be sure your financial situation is well-grounded and able to support a major investment. With the help of Earnest, you will be working with experts to determine the best course of action. Our agents will help every step of the way when determining the best rate for you. Housing values are steadily rising, and now is truly the best time to invest in your dream home. Whether you are looking to purchase your first home in Saint Leonard or refinance a home, Earnest is here to help.

Common Questions About Buying a Home in Saint Leonard

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.