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Beautiful Grasonville homes are waiting for you

Grasonville is growing both in population and in economic prosperity. According to City-Data, in 2000 the average household income was around $38,000 and not even 20 years later the median income is almost $90,000 a year. It's also seen its average home and condo values go from $110,000 in 2000 to nearly $300,000 in its current economic climate. This town not only demands to be lived in but it also promises a way of life that could only be experienced here in Grasonville.

Grasonville's interested in adding you to its joy

Diversity and a wide range of available jobs await you

According to City-Data, Grasonville largely consists of family households, with almost 80 percent of households belonging to families, and it's easy to see why. Grasonville is a great place to start or raise a family; according to Livability, it has a GreatSchools rating of 8 out of 10. There are even a dozen private schools to choose from if you prefer. There are also seven universities less than 40 miles from Grasonville that have 2,000 or more students in attendance, so if secondary education is something you or a family member is interested then Grasonville's location has you covered there as well! If it's just you or you don't have intentions of starting or raising a family then it's no problem; you can just bask in the friendliness and warm nature of Grasonville!

Plenty for you to experience in Grasonville

Consider your next and final home today

Grasonville has plenty of home options that are available in a wide range of costs and features. According to Trulia, there are homes available for as low as $95,000 but you can go plenty higher if you're after that special home. There are plenty of homes in the $500,000-$700,000 range that offer a more bedrooms, bathrooms, and other features. According to City-Data, the majority of Grasonville residents enjoy a work commute less than an hour which is nice because that's more time you get to spend at home doing things you enjoy with those you care about instead of being stuck in a car all day! According to Walkscore, a car is required, but there is public transportation available if you're interested.

Common Questions About Buying a Home in Grasonville

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.