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Hebron: It's got something for everyone

Hebron, a town with a population of over 1,000, is rich with history and alive in the moment. There are many different types of employment options nearby and local joblessness has been steadily decreasing since 2010. Education and manufacturing are among the most common jobs, but other work options are available. You're definitely going to want a personal vehicle to get around, as it’s low on the walkability scale.

When you're in Hebron, you're home

Find your special little spot in this wonderful town

There's lots of opportunity available to you in Hebron. Four colleges are less than 30 miles away from Hebron so you can easily continue your education. Highly rated public and private schools are close as well, letting you find the best fit for your kids. It's a quiet town with a modest number of local businesses but you can find all the shopping you need nearby in Wicomico County.

Hebron can't wait to welcome you

The town that has what you're looking for

Hebron is one of the more affordable places to call home in Maryland and yet it's only about 80 miles away from Baltimore. Your home will be quiet but city life is still in reach. Hebron home values have increased by as much as $60,000 just since 2000 and they're showing no signs of slowing down. At the same time, income is on the rise as well, rising by almost $20,000 since 2000 as unemployment drops.

Common Questions About Buying a Home in Hebron

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.