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With a small population of under 1000 people, Ellerslie is a close-knit community in Allegany County. If you are looking for a small town, Ellerslie is the place for you. With few homes on the market at affordable rates, the time is now to invest in your life in Ellerslie.

Ellerslie awaits you and your family

Finding your dream home among the mountains of Maryland

The beautiful countryside in Ellerslie is sure to make you feel at home. The relaxing, peaceful area has a number of full-service restaurants and grocery stores, as well as a community park right outside the town lines. If you are working in health services, social assistance is one of the top industries in the district, so you'll have plenty of career options as well as the solidarity of your neighbors in town. Although there are no school systems directly in Ellerslie, you'll have access to Allegany County schools, which receive great ratings. The town is mainly open space, but despite its rural feel, the cities of Cumberland, State Line, and Corriganville are all within 5 miles. You'll be close to an Amtrak station too, so whether you choose life in the country or want a part-time escape from city chaos, Ellerslie is great for you.

Earnest will help you move to Ellerslie

From a starting loan to closing day, we are here to help

Though buying a home may seem like a scary process, with Earnest by your side, you'll be sure to get exactly what you're looking for in a home. In Ellerslie, median sales prices are around $88,800, which is unbelievably low for such a beautiful area. You should become a part of this community while the opportunity remains, and Earnest can help you make the transaction complete. As the town is peaceful, welcoming, and spacious, Ellerslie is perfect for small families and those interested in starting a family in Maryland. The area has great neighborhoods, great people, and plenty of free land for your personal home construction as well. Regardless of your decision, Earnest will be there to help you along the way.

Common Questions About Buying a Home in Ellerslie

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.