Alert Message

Breathtaking Colora homes

Colora, Maryland is a small farm town just south of the Pennsylvania border and only an hour and a half driving time from Philadelphia. Oddly enough it is also unincorporated into the State of Maryland. That doesn't mean it is not a great community. Filled with large, spacious orchards, most notably Colora Orchards, the town is a little slice of quiet rural living. The homes are spacious and offer breathtaking views of a peaceful landscape.

Wonderful homes in Colora

Enjoy the comfort of a magnificent home in Colora

Just south of the Pennsylvania border is a town surrounded by orchards. This town is Colora, Maryland. The town offers plenty of wide serene landscape views while providing a small town feel that would make anyone be at home right where they were. The biggest orchard in town is Colora Orchard. Should you want to take a small vacation to experience the city, Philadelphia is just a quick hour and a half trip up I-95 and Wilmington, Delaware is even closer than that. This small town in North Maryland may not seem like much, but much like fruit in an orchard it will grow on you.

A house in a town you'll always love

Get a house in the peace and quiet of Colora

Colora, Maryland lies in the Susquehanna Valley region in between Wilmington Delaware, Baltimore, Maryland, and Philadelphia, Pennsylvania. Right across the Susquehanna River is Susquehanna State Park. Drive a small ways south and another option is to take in the view of the Chesapeake Bay. So it is easy to see that Colora is certainly a place in the middle of many great places of either culture or outdoor adventures. The town itself is beautiful. Set among the orchards that occupy the town, most notably Colora Orchard, there is plenty of space to sit on a porch in your new house in town and view the wide-open spaces.

Common Questions About Buying a Home in Colora

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

People around a computer

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.