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Start your Parsonsburg homebuying process here

A small Maryland town right by the Delaware border, Parsonsburg is the perfect home for those who can never be too far from the water. It's less than an hour to get to the waterfront from Parsonsburg. There are a few local businesses that help give the town a good sense of community. Its quiet scenery and prime location make Parsonsburg perfect for retirees looking to unwind, or for families wanting affordable housing in a great town filled with safety.

Quiet and private, Parsonsburg is a hidden gem

An inland home by the water, the best of both worlds

While Parsonsburg homes are just a short drive away from many different bodies of water, you don't need to worry about any issues that could arise from living right next to the water. Landlubbers will appreciate Parsonsburg large swaths of open land, and water babies can enjoy some truly nice waterfront properties.The waterfront being near provides plenty of attractions to enjoy and many different types of homes. Whether you want to move into one of Parsonsburg great single family homes, or build your own house on an available plot of land, Parsonsburg is waiting for you with open arms. Property taxes are less than the Maryland state average which makes moving to Parsonsburg an affordable choice.

Getting from mortgage to moving to Parsonsburg

Earnest makes homebuying simple and fast

Buying a new home should be exciting. However, we understand how comparing homes, neighborhoods, websites, etc. can be easily overwhelming. Finding the balance between what you want and what you can afford is no simple task. Thankfully, Earnest is here to help. We provide the tools to help you prioritze what you want in a home (size, proximity to the water, walkability, etc.), and then analyze your financial profile to help you determine what your target home price looks like. According to Trulia, Parsonsburg median home sale prices were at $162,000 at the end of November 2016. Talk to Earnset today about buying your Parsonsburg home tomorrow.

Common Questions About Buying a Home in Parsonsburg

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.