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A town that lives up to the beauty of its name

Imagine waking up every day in an invitingly stylish, yet eminently practical and comfortable, White Plains home. Such a purchase is sure to please families and couples alike, as the White Plains area itself features glorious scenery to complement the city's beautiful architecture. With such amenities available, it's no wonder that more people are moving to White Plains each year in search of a superb location to feel at home and at peace.

White Plains homes will not disappoint you

Some of the highest quality homes in Maryland

White Plains has more than just comfortable, stylish houses to offer. Its bevvy of high-quality restaurants and hotels have led to it becoming a popular holiday getaway. A large selection of bars in the area makes for a convivial atmosphere that isn't to be missed. White Plains also offers its residents the pleasures of coffee shops, parks, shopping, and entertainment. The area also includes a great selection of necessities, such as grocery stores and schools. At $315,350, the median price of a White Plains home stands higher than the national average, but this is only to be expected as the quality of life in White Plains is also higher than those of many other Maryland towns. Although you will likely need a car for running errands, there are many areas of White Plains that can be reached through walking or bicycling.

An investment for the future

You'll find yourself happier in White Plains

Though the high prices might seem shocking at first, you most assuredly get what you pay for when you purchase a White Plains home: a vast array of opportunities and activities in a beautiful location. The home market of White Plains has increased over the years, so you can expect the price of your house to increase along with it. If you ever think of downsizing, you can sell your home at a substantial price. As if that wasn't enough, White Plains' neighboring cities are full of even more sights and activities to enjoy. White Plains allows you to make the most of these opportunities and provides you with a gorgeous house to relax in at the end of the day. Investors can also rejoice in the purchasable land available. The median list price per square foot in White Plains is $142, lower than the Washington Metro average of $214.

Common Questions About Buying a Home in White Plains

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.