Alert Message

Comfortable homes in the small city

The sparkling river and beautiful homes await you on Tilghman Island, as there is so much to love. Delectable food, excellent shopping outlets, historic landmarks and exciting water sports make this the perfect place to settle down and relax. Sunsets on the water give the area an extra-special magical touch. Fill your days with endless activities or take it easy in your spacious home—you can't go wrong in Tilghman!

A nature lover's paradise

Tilghman is your own personal outdoor retreat

Secluded and peaceful, Tilghman has a lot of comfort and entertainment to offer. Residents can enjoy the great outdoors in peace, but travel lovers can still frequent bigger cities. Sailing and fishing are also readily available, so it's like having a retreat in your backyard. Stimulate your brain with one of the island's museums or historic landmarks and learn a little bit about Maryland's extensive past. Take a waterside stroll and peruse one of the many shops and eating establishments the town has to offer. In Tilghman, the opportunities are endless. The community's streets are dotted with beautiful, high-value modern houses and rustic renovated antiques. The area offers a wide variety of homes to suit every lifestyle and budget. As a future homeowner, Tilghman is the perfect town to fulfill your needs and desires.

Find a home in Tilghman with Earnest

With simple, streamlined loan applications, we have the tools to help you

If you're searching for your own little slice of solace, Tilghman is certainly the place for you. Regardless, investing in a house can be a little nerve-wracking. Before you can even think about packing up for the move, there's tons of work to be done, including researching properties, neighborhoods, and rates. That's why we offer robust tools to help keep you on track throughout the homebuying process. Matching your budget and your checklist might seem like a fantasy, but it doesn't have to be an impossible challenge. Secure a home loan with Earnest today and let us help you find your Tilghman dream home.

Common Questions About Buying a Home in Tilghman

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

People around a computer

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.