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West River makes home equal to a vacation

Escape the city and land in scenic and serene West River, Maryland. The area's forested hills along State Route 468 lead to gorgeous waterfront properties with the option of personal beach and marina access. The sun and sand are countered by woodlands, which provide natural beauty as well as protection from summer humidity. West River's appeal as a home that feels like a vacation spot is illustrated by the fact that a whopping 90 percent of residents own their own homes.

West River's affordable waterfront views

There is something for everyone here: come one, come all

In West River, Maryland, there is no shortage of gorgeous waterfront homes, and lucky residents enjoy 24/7 access to beaches and serene spots. The waterfront homes are ideal for young professionals who need to get away from the frantic pace of city life, retirees looking to enjoy their hobbies and relax, and writers and artists looking for a tranquil retreat. If you're interested in buying waterfront property in West River, it’s important to understand your own lifestyle needs, then move on to deciding what kind of home you'd like. Fixer-uppers in West River can be as low as $200,000, while more furnished homes can be upwards of $800,000. Let Earnest help you plan for your new waterfront property and your entrance into greener, calmer pastures.

West River: A place for artists and professionals

Tranquility meets job growth

While waterfront property isn't affordable for everyone, you can still have a beautiful scenic view without breaking the bank; prices are typically less for homes with standard water view or water access. The median house price in West River is between $450,000 and $500,000, with an average house age of roughly 21 years. A recent housing market correction makes buying a home here a worthwhile investment, with monthly mortgage rate payments averaging out at just under $3,000 and future job growth projected at just over 30 percent. Earnest can be your go-to guide for getting you on the waterfront and keeping you on the waterfront. Earnest helps first-time homeowners in securing the best possible mortgages for their particular situations, and assists current homeowners interested in refinancing.

Common Questions About West River 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.