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Whiteford homes near lakes and rivers

Whiteford is a small town a few miles just south of the Pennsylvania border. Traditionally known for its slate production, Whiteford is a rural community with many types of homes and an accessible price point. As a community between the two large cities of Baltimore and Philadelphia, Whiteford enjoys lower home prices and the advantage of a quiet and rural lifestyle surrounded by rolling hills, lakes and rivers.

Affordable Whiteford homes in a historic area

Whiteford, MD offers moderately priced homes in a rural location

Just south of the Pennsylvania border, Whiteford is a small, unincorporated town in Harford County. Part of the Whiteford-Cardiff Historic District near northern Harford county's quarries, Whiteford was known for its large-scale slate production throughout the late 19th and early 20th century. The area was added to the National Registry of Historic Places in 2005. Known for having a strong Welsh identity, Whiteford is a fairly rural area with sprawling plots of land. With plenty of wildlife and easy access to the Susquehanna River, Whiteford is a great location for those who enjoy the outdoors. Located between Philadelphia and Baltimore, the town lacks access to major public transit systems or well-known attractions but is the perfect location to purchase a new type of home if you are looking for a quiet lifestyle.

Your dream home awaits in Whiteford

Charming homes abound in Whiteford, just south of the Pennsylvania border

What Whiteford is lacking in big city amenities, it makes up for with its rural charm. Situated near the banks of the Susquehanna River and amongst Maryland's picturesque woodlands, this town is the perfect place for new homeowners. While buying a home can often be overwhelming and confusing, the small town feeling of Whiteford will ensure that new residents feel right at home almost immediately. To help ease the transition, let Earnest take away the financial hassle. Their team will help you secure a loan for those with the right potential and assist you in deciding upon the ideal budget for your current financials. The volume of housing listings across different websites and through different companies can be a lot to tackle, but with Earnest's help and support, you are sure to secure your new house at the perfect price.

Common Questions About Buying a Home in Whiteford

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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