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Becoming a homeowner in Claiborne is simple

For a 30-year fixed rate mortgage with 20 percent down, rates for Claiborne, Maryland are hovering around 3.8 percent to 4.2 percent. For a 20- or 15-year fixed rate, the rates slightly decrease. And if this sounds complicated, don't worry: We have even included this easy-to-use calculator to help you get a jump start on the process. There has never been a better time to purchase a home in Claiborne.

Properties that foster new experiences

Claiborne homes range in style from colonial to modern

Claiborne itself does not have data regarding household incomes, however the nearby town of St. Michaels has a median household income of $56,202. Talbot County itself has a median household income of $63,017, according to the 2010 census. With a walkability score of 3/100, Claiborne is a car-dependent area. But its salutary benefits cannot be ignored: When grouped with St. Michaels, Claiborne ranks 6th in health outcomes out of 24 counties, 5th in health factors, and 3rd for healthy behaviors. Residents spend 2.4 percent less than the national average on goods and services related to health care. Any way you look at it, an investment in a home here is a solid bet.

Create new memories with a new home in Claiborne

Feel financially confident with Earnest

Regardless of whether you are looking for a new home to settle down in, a rental property, or an opportunity to refinance, Earnest can remove the stress from the process. Homeowners should always feel that they are part of the homebuying process. We believe both homebuyers and those refinancing should have their mortgage options thoroughly explained to them with honesty and transparency. Earnest's team of customer service representatives and your personal staff member will make it their priority to inform you of all your options, what discounts you may qualify for, and to answer any and all questions you may have. They truly make the homebuying process seem like a breeze.

Common Questions About Claiborne 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.