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Buying in Worton is a snap

With interest rates at all-time lows in the Worton area, now is an excellent time to invest in a home. Getting a mortgage isn't always straightforward, which is why we've put together a collection of tools to help simplify the process for you. Worton is a good home option for retirees or families looking for family-friendly neighborhood attributes, good public safety, and quality schools. It’s a calm location that’s perfect for settling down.

Find out how affordable a home in Worton can be

Worton has something for everyone

Worton Maryland is a unique location to live in because it combines small-town living with beautiful coastal access. There are several marinas throughout the town, and it’s filled with single family homes positioned in nice cul-de-sacs. Worton isn't a well-known section of Maryland, but it’s a good place to raise children. It’s home to a quality elementary school, good quality public parks, and a calm atmosphere. Worton real-estate prices vary wildly, but they tend to increase with proximity to waterfront locations. There are single family homes for less than $100,000 available, but it’s common for homes positioned on the water to sell for $600,000 or more. No matter what type of home you're looking for, there are plenty of options to choose from in Worton.

The best home financing in Worton Maryland

Quickly obtain a mortgage for your dream house

There’s no reason buying a new home should be a stressful process. Earnest can help you accomplish your financing goals and make obtaining an affordable home in Worton simpler and faster. We offer a variety of calculators and financing tools to help you obtain financing and figure out what you can afford. You'll know exactly what you are working with, so you can find that dream waterfront Warton home, or your family house with the big yard for your children. We believe in empowering people to get the properties they truly desire. New homebuyers can obtain a mortgage for the first time, but we also offer a tool to help refinance an existing mortgage. Get better interest rates on the loan, or adjust the terms of the mortgage with our refinancing program.

Common Questions About Worton 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.