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Marydel offers more than you might think

Marydel is a small town located in Caroline County. With a tiny population of just 136, Marydel's median home value is an affordable $123,400. The area is rich in cultural diveristy, with Hispanics making up 53.9 percent of the population. Excellent restaurant options and a tight-knit community make Marydel a wonderful place to call home. There is a wide variety of homes to choose from, whether you're looking for a single-family house, a condo, or a townhome.

Big opportunities in little Marydel

Hotspots like Philadelphia and Baltimore are all within a two-hour drive

While Marydel may be a small town, it gives you easy access to multiple cities and beaches. This is perfect for families looking for new homes, history buffs, or travel junkies, as the town allows you to venture beyond state lines and still return home within a short amount of time. Philadelphia, for example, is only an hour-and-a-half drive from Marydel. Baltimore and Washington, D.C., represent similar commutes. Beautiful Rehoboth Beach in Delaware is approximately an hour away, making summer day trips convenient. If you're looking for somewhere with more of a rural or outdoorsy feel, it's worth noting that Marydel is extremely green, alternating between forests and lush, grassy fields. This location is perfect for nature buffs who want access to adventures right in their own backyard!

Marydel gets top marks for educational access

With great colleges just around the corner, students are set

While Marydel may be a small town, it gives you easy access to a variety of schools and universities. Delaware Technical and Community College—the only community college in Delaware—is located just 20 minutes away, allowing for a quick commute to class and back. Likewise, Delaware State University is also just 20 minutes away, offering a range of opportunities on a larger campus. If the homebuying process in Marydel seems daunting, know you're not alone on this journey. Earnest is ready to help you check off every item on your list of priorities, all while finding you the perfect mortgage for your budget. Let us help you invest in your future, starting today.

Common Questions About Buying a Home in Marydel

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.