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Find a calm and quiet escape in Hillsboro

A small town on the eastern edge of the state, Hillsboro is a short drive from the Delaware border. The town's proximity to the Chesapeake Bay and local wildlife reserves make it a secluded and quiet town that is the perfect place for a family to escape the hustle and bustle of city life.

The charming story of Hillsboro

This small town is the perfect quaint, rural community

Hillsboro is the oldest town in Caroline County, and as of the 2010 census it only had 161 residents. The entire town is only .15 square miles, which is a positive neighborhood attribute for those wanting a quiet lifestyle. As one of the oldest towns in the state, Hillsboro was the former home of a tobacco warehouse, a general store, and a tavern. Because of the town's proximity to both Chesapeake and Delaware Bay, it is the perfect attraction for those who love the water. Also, just north of Hillsboro is Tuckahoe State Park, a 60-square-mile state park where visitors can hike, camp, fish, and partake in a number of organized family activities. Begin your housing search today in Hillsboro and you can soon begin your quiet life in rural Maryland.

Find your perfect budget

Your dream home awaits with help from Earnest

It can be confusing to begin the search for a brand new home, but don't let searching for a home in the Hillsboro, Maryland area overwhelm you. Take the process one step at a time and look at all of the possible options for homes, listings, and agents. One way, however, to make the process a little bit easier is to let Earnest lend a hand. Earnest can help you find the dream home for you and your family, no matter your budget. Start with their simple calculator to determine your perfect home budget. Their easy and manageable plan ensures that you will find a home that will not put financial strain on your family, and they work tirelessly to ensure you get the best deal possible. The simple application process and lowest possible rates work in your favor to help you and your family achieve your dreams.

Common Questions About Buying a Home in Hillsboro

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.