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Your Snow Hill home is waiting for you

Snow Hill is a diverse town built on hard work and prosperity. Unemployment has been going down for years, but it has especially decreased since 2015. The job market is filled with many different career fields and many citizens enjoy a short commute to work—most only have to drive 30 minutes or less to get to their place of employment. Snow Hill is a lively town that has a focus on its citizens and their successes—and that could include you!

Witness the beauty of Snow Hill!

Your search is over, you're home

There are over 150 full-service restaurants available to you with plenty of grocery stores as well, in case what you're truly after is a home cooked meal and a weekend spent at home! It's important to take time to spend with family members—especially your kids! Snow Hill has wonderful schools so you can relax and know that your children are getting a great education. According to Livability, Snow Hill has a GreatSchools rating of 9 out of 10. Education is very important to Snow Hill and if continued education is important to you, then there are also four colleges with 2,000 or more students in attendance less than 40 miles away. Snow Hill is a great place to invest in that will definitely return the favor and invest in you and your family.

You're finally home in Snow Hill

Buy your home today and see your future unfold

There are plenty of luxurious homes available for you, your family, or the family you're planning to start in Snow Hill. The average listing price is just $315,000 according to Trulia, and home values have been annually increasing and forecasted to continue to do so. This makes buying a home in Snow Hill now a great invest for your future and for future generations of your family. There are also plenty of things to do for families in Snow Hill, ranging from museums, to rivers to explore, or maybe you just want to take the family to one the 150 full-service restaurants for a nice relaxing afternoon. Snow Hill has big plans for you and your family and chief among them is the importance of the investment you're making with your home purchase.

Common Questions About Buying a Home in Snow Hill

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.