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An affordable and family friendly community

If you enjoy spending quiet moments alone, if you enjoy commuting to the nearest larger city as opposed to always having residents flooding your town, then perhaps a home in Westernport, Maryland is what you need. It may be small but it's an ideal place for families, singles, and retirees alike. If you are in the market for a new home, then Westernport is what you've been looking for! Affordability and comfort are waiting for you in Westernport!

A quiet and warm home is waiting for you

Westernport is ready for you to come home

The small town warmth of Westernport, Maryland is pleasant. City-Data reports that median household income has more than doubled since 2000, and median home values have increased by almost $30,000 as well. Westernport may be small but its potential is limitless. There are a few attractions to check out as well despite the town's small size, like the Westernport Heritage Society. As far as school goes, there are seven colleges that are less than 60 miles away, so residents of Westernport and nearby towns can further their education. Walkscore gave Westernport a walkability score of 50 because while some errands can be done on foot, it's still recommended that you own a personal vehicle for maximum efficiency and comfort in Westernport. It's a family-oriented town, which helps give it higher safety and better neighborhood attributes.

Enjoy peace and tranquility in Westernport

A small and welcoming community awaits you or your family

Buying a home can be stressful but it can also be exhilarating. When purchasing a home in Westernport, Maryland, whether for a single buyer or a family, you can trust you are in the right place. With several miles of open land and quietness, Westernport is a small town and community that will welcome you with open arms the moment you arrive. There are plenty of different types of homes in and near Westernport so that you can find the home that you've always been searching for and stay within your budget! It's a great place to live and work as well; most residents have a commute time of less than 30 minutes to work. This gives everyone more time to focus on enjoying their homes and being with their families.

Common Questions About Buying a Home in Westernport

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.