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Start here to buy your Rock Hall home

Rock Hall, or "The Pearl of the Chesapeake," is the perfect place for those looking for easy living. The slow-moving bayside town is home to a budding restaurant scene, many small shops, and overall charming character. Because of its nearness to the water, real estate in Rock Hall is not always inexpensive, but begin looking today to find your dream home and discover your options for financing your new perfect home.

Bayside paradise

Stunning homes with easy access to the Chesapeake Bay

Rock Hall is a thriving nautical community next to the Chesapeake Bay. Though some have summer homes in the area, most are single family homes with two to four bedrooms, situated on lots with both front and backyard, and, almost always, easy access to the waterfront. These charming homes form a quaint town just waiting for its newest residents. Such close proximity to the water is an attraction that a lot of people can only dream of, but in Rock Hall you can make it your own reality. These spacious homes are in a thriving community with many locally sponsored events, town festivals and a plethora of restaurants, boutiques, and stores. This town's neighborhood attributes make it the perfect place for a permanent vacation with delicious restaurants along the waterfront, boat rentals in the marina and ample lodging.

An affordable new home in Rock Hall

Applications and refinancing made easy with Earnest

With fixed rates as low as 3 percent in Rock Hall, don't wait to begin exploring your financial options for a new home. Earnest is making locking in a low rate for first-time buyers a breeze. Don't forget to do research and find if there are any special opportunities, like those for veterans that may be available to you to achieve the best deal possible! Just like for new applications, refinancing is made was with Earnest. If you'd like to change the term of your mortgage, they're here to help. Simply complete a few easy steps about your financial history and you will soon learn the best rate they have available for you based on several factors, like income, credit history, and price of the home. Earnest will uncover the best option available to your and help you begin to save money for other important purchase in your future.

Common Questions About Rock Hall 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.