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Now is the time to invest in Ocean City

With mortgage rates as low as 3.79 percent according to BankRates.com, now is the time to invest in property in Ocean City, Maryland. Whether you are looking to invest in some land, a beautiful beach house, or a condo in the city, Ocean City is the place for you.

Ocean City is worth the investment

Low mortgage rates galore

Mortgage rates across Maryland have been dropping. You could invest anywhere, yes--but if that's true, why not pick a beach property? Ocean City is an ideal location with endless opportunities. Home prices are currently listed for an average of $316,272, making this an affordable area whether you're a first-time buyer or hoping to find a comfortable vacation home. Your family will love everything Ocean City has to offer, from sandy strolls to refreshing swims to adventurous kayak trips on the water. The beach home you've always wanted can be yours here in Ocean City. Invest today. You won't regret it!

Invest in your future in Ocean City

Find your perfect home right here

Ocean City mortgage rates are much lower than the Maryland average, meaning this is a great time to buy. If you are looking for inexpensive property on the East Coast, Ocean City is perfect for you and your family. Your individual mortgage rate will depend on a variety of factors including your credit score, loan purpose, loan amount, and more, so be sure you understand the process and ask your realtor about discounts you may be eligible for. Already bought, and looking to refinance? Earnest can help with that, too. We'll be on the lookout for the best mortgage rates for you, no matter your situation. Try our easy-to-use calculator today to determine your target price range, and let us know what other assistance you need. We want to help you find a new home today--or free up money for other projects.

Common Questions About Ocean City 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.