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Secretary is a warm and safe town

Secretary may be a smaller town, but it has plenty to offer. It's a close knit place that has a focus on safety and comfort. Over 70 percent of Secretary homes are owned by families, and there are plenty of great schools to choose from with over 20 public schools from elementary to high school. According to Trulia, there are plenty of architectural and stylistically varied houses in and near Secretary as well, so you can make sure to find exactly what you're looking for.

Secretary's weather has something for everyone

Enjoy all of the seasons with a life in this cheerful small town

If you have ever dreamed of being a homeowner then you can finally stop dreaming, because you've made it. You better believe that your dream home can be found in Secretary, Maryland. Secretary is a prosperous and vibrant community that's seen an increase of almost $15,000 in median income since 2000. There are plenty of different industries represented here, and most residents enjoy a work commute time of less than 30 minutes. From production to construction to administration to jobs available in the health technologies sector, Secretary has it all. Just like the town, you can have it all, too. Invest in Secretary and start the life you've always imagined.

Secretary homebuying is easy

You dream home is waiting for you with help from Earnest

There are plenty of attractions to experience while you're taking advantage of the low cost living in Secretary. Baltimore is less than two hours away, with museums, parks, luxury hotels, and the national aquarium for your enjoyment for an afternoon or weekend out of town. There are also over 300 restaurants to discover while in Baltimore. You can always come back to your personal sanctuary in Secretary when you're done in the big city, as there are plenty of restaurants and activities for you in town as well. City-Data reports that there are nearly 30 restaurants in Secretary, which is a impressive amount considering the size of the town. Secretary is very close to Delaware too, so if you ever want to go on vacation out of state and explore the history of Delaware, you're never too far.

Common Questions About Buying a Home in Secretary

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.