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Your new future in Tilghman awaits

Tilghman offers a life of peace by the water, removed from the fast-paced hustle of city life. Currently, mortgage rates across the country are slowly on the rise, so new homeowners should consider buying now. A home loan from Earnest can help you prepare for your big move. Our calculator will help you find a price to match your budget.

Buy or build in Tilghman

This town offers beautiful properties and unclaimed land

Take your pick of gorgeous accommodations in Tilghman. Choose between sprawling waterside abodes or spacious inland homes. You can own a piece of renovated history or go with a modern dream instead. If you're feeling extra creative, purchase a plot of land and build the home you've always imagined. Either way, at about $235,500, the median sale price is fairly flexible for most budgets. With tons of recreational activities and ample places to eat and shop, Tilghman has everything you need. With plenty of family-friendly fun to be found and excellent schools for all ages, it's also a great place to raise kids. Travel to major cities is still reasonable with a small commute, as well. Tilghman is the perfect combination of an escape from the city and a convenient dreamscape for Maryland professionals of any area.

Get preapproved for a Tilghman home with Earnest

We make buying or refinancing a breeze

Buying a home is one of the most important decisions you'll make in your life, and it starts with secure financial support. In Tilghman, rates are affordable, at around 3.2 to 4 percent APR for a 15- or 30-year plan. Built with homebuyers in mind, Earnest helps you secure the best available rates within your home budget, helping you make sense of all the factors that determine your rate--from your ZIP code and the loan duration to the projected downpayment and total price. Earnest can also help you refinance your home. If you need to make repairs, rennovations, or additions--or even start saving up for your children's education--check out our online tools today and see what could be possible for your family's future.

Common Questions About Tilghman 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.