Easy access to beach and city through Cordova
A very small town near the Delaware border, Cordova is situated between the Delaware and Eastern Bays. Easy access to the beach and the city of Baltimore makes Cordova an ideal place for those looking for the best of both worlds. Though only a few square miles in size, Cordova has a varied real estate market with many types of homes, ensuring a wide range of options for homebuyers.
Small town life in Maryland
Discover a relaxed lifestyle with city and beach access in Cordova
Cordova’s nearness to the beach and to popular attractions like Rehoboth Beach and Chesapeake Bay is one of this small town’s main selling points. Beach access is less than two hours away, making it easy to enjoy a day in the sun or an afternoon of boating. If city attractions sound more appealing, Baltimore is only about an hour’s drive away, giving Cordova’s residents access to the city’s public transit, restaurants and attractions.
Located in Talbot County, Cordova had a population of only 592 in the 2010 census, with 214 households. Talbot County has a rich history stretching back to the American Revolution. It hosts several notable landmarks, including the Third Haven Meeting House. Today, however, the area is known for its scenic beauty, with immaculate views of the Chesapeake Bay and its many rivers.
Now is the time to buy in Cordova
Find your new dream home in this charming small town
Because of its proximity to the water and to Baltimore, the median home price in Cordova is about $250,000. Because the town is small at less than 5 square miles, the housing stock at any given time is fairly limited. Most homes are single-family homes surrounded by lush yards with a small bit of property. Some homes with many acres are also available. The town of Cordova is a suburban hideaway perfect for those who love city life, but also enjoy a relaxing weekend getaway.
Discover the perfect home for yourself and your family in Cordova today with an Earnest loan. Earnest’s cutting-edge system will evaluate your financial history, and then secure the funding you need for this life-changing purchase.
Common Questions About Buying a Home in Cordova
All The Answers You Need to Settle Down Sooner
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.
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.
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.
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.
Purchase price: $100,000
Down payment: $15,000
Loan amount: $85,000
Appraised value: $110,000
LTV: $85,000/$100,000 = 85%
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.
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