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A Maryland home awaits you in Sudlersville

Located near the beautiful east coast, Sudlersville, Maryland is a great destination for homebuyers. Packed with good schools and wholesome food options, Sudlersville shines when it comes to education and healthy living. Moreover, home prices in Sudlersville are slightly below the state average, meaning you can live out your east coast dream at a reasonable price.

Sudlersville has something for everyone

Health, heart, and beautiful homes

When it comes to health statistics, Sudlersville ranks well above the state averages—likely a result of the wholesome lifestyle options available there. Families flock to this small town for its supportive community and quaint atmosphere. Both grade schools and universities alike are prevalent in the surrounding area and the numerous local elder care facilities demonstrate a further focus on family. The weather offers a full four-season cycle sure to satisfy all sorts of temperature tastes. If you're looking for your own east coast American dream, Sudlersville might be calling your name.

Earnest will make your east coast dreams easy

Sudlersville values simplicity, and so do we

The rush of buying a new home is exciting, but it can also be exhausting. With the rise of internet, it seems there is more information to sift through than ever, and the pressure of finding the perfect home can be immense on top of your other responsibilities. Earnest is here to help with your homebuying process so that you can focus on the things that matter most. With an easy application process and a focus on meeting your specific needs, Earnest helps you fulfill your residential dreams without breaking the bank or your spirit. The median sale price of a home in Sudlersville is $167,500, which is a great value for a beautiful location and such a charming town—the stuff homebuying dreams are made of.

Common Questions About Buying a Home in Sudlersville

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.