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Quiet living close to the beach in Pittsville

A small, quiet town of 1,500 people just south of the Delaware border, a 30-minute drive west from Ocean City, and just a stone’s throw from some of the best beaches on the East Coast Pittsville offers beautiful houses with a generous amount of land for a great price. With most of the population under the age of 18 and a growing business community Pittsville is a great place to bring up a family. With reasonable home prices a home in Pittsville is an excellent purchase.

Fall in love with Pittsville

A lovely small town with beautiful nearby beaches and nightlife to offer

With a population of only 1,500 people Pittsville, Maryland is the perfect place to get some space. The town features peaceful neighborhoods where most of the residents in the town are of school age. This means Pittsville is a great town to come and raise a family in houses with ample space for affordable prices. Though it has a township feel to it, Pittsville, Maryland has a lot to offer. Sitting only a 30-minute drive to Ocean City, Maryland it is easy to find nightlife and beautiful beaches close. If family-friendly beaches are close as well, Rehoboth Beach, Delaware is only an hour drive from Pittsville. Not far to the east is Chesapeake Bay. That does not even take into account the rest of the beautiful Atlantic Coastline that is a short drive away. All of this makes living in Pittsville a gateway town to a dream beach getaway.

Pittsville, your dream town by the beach

Homes close to beautiful beaches has never been easier

Buying a home in Pittsville will just feel like the right decision. With house prices lower than most of the state by almost half the price, a young populace with plenty of families around, a thriving business community, and both family friendly and grown-up options for a day's vacation. Set in a place that has all the charm of a seaside community with all the freedom of a rural town. There also are state parks like all within driving distance of Pittsville. Nestled right in between the Atlantic Ocean coastline and Maryland’s pride, the Chesapeake Bay, Pittsville will feel like a great place to come and enjoy the area where you live, work, and play. A great place to start a family, Pittsville is served by 36 schools spanning all over Wicomico County, buying a home in Pittsville will feel like a bright investment into the future.

Common Questions About Buying a Home in Pittsville

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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