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Deal Island puts the fun in homeownership

The Deal Island area offers an alluring collection of hidden gems at affordable costs, and is ideal for retirees and families wanting to discover their dream home. Mortgage rates are at extreme lows, making now a perfect time to make a 'deal' of your own. Whether your dream involves an idyllic small town life, saltwater fishing, exploring local history or just a bit of peace and quiet, Deal Island offers a wonderful setting to live out that dream.

Investigate your price range and invest now

Waterfront, 50 acres or two story homes, Deal Island has what you need

Deal Island is full of great accessible communities. Whether you want a two-story home on the Tangier Sound or a single-level home overlooking the Wenona Harbor, Deal Island has something for everyone. Take the time to compare prices. Enjoy the peaceful tranquility of island life as you can watch boats slip away from the dock directly in front of your home. The median home value prices are at $105,000 and the lowest APR (30-year) is 3.9 percent, all of which makes homeownership easy. Invest now in acres of hunting paradise bordering the Deal Island wildlife area. There is only one elementary school on Deal Island, so make sure to take into account the great school district located in Somerset County that is commutable by car. The island is accessible via bridge from the mainland and its public beach satisfies all ages.

Discover the best home loan for you

Follow the easy steps to homebuying

There are many decisions involved in buying a new home. A lot of information to process, collect, and consider as well. Let Earnest be your guiding hand through that process on the road to a contract. Securing a loan is an important step. Discounts are a great way to relieve any financial problems so be sure to ask your realtor about relevant possibilities. We will help pave the way to you discovering your dream home in Deal Island. Refinancing your mortgage is a very helpful way to put money aside and utilize the cash for other major purchases. Earnest will let you know your saving options, taking away the burden and the usual stress.

Common Questions About Deal Island Mortgage Rates

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.