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Find quality homes in Willards today using Earnest

Willards Maryland offers enjoyable small-town living, especially for families. With excellent safety and schools, there is a lot for families to love about the area. If you're interested in moving to a small town with a calm atmosphere, but with quick access to Ocean City, there are few locations better to choose than Willards.

Small town living with convenient beach access

Excellent mortgage options and a perfect, quiet beach in Willards

Willards is a small town with a population of around 1,000, according to the 2010 census. It's home to a few restaurants, but it's main appeal is its family-friendly atmosphere. The Eastside Sports Complex and the Willards Park and Recreation Area provide locals with areas to go out and play. The town also offers good access to Ocean City, with its range of fun attractions and useful shops. Furthermore, residents enjoy swimming at the beach during warm summer months. Property options are limited in the area, and home values continue to rise, which is why it makes sense to buy into Willards as soon as possible. With our help, you should be able to find the home that's just right for your family.

Qualify for a Willards' mortgage with ease

Go through the homebuying process quickly and easily

Buying a home is a time-consuming process and it can be a bit complicated as well, but it's worth the effort to become a part of the quiet town of Willards. The Earnest mortgage tools and calculators will help you obtain a loan for a house that you can afford. Buy into a small town community with access to exciting Ocean City, and enjoy everything that Willards has to offer by utilizing our services. Few towns are so affordable while being so close to a tourist destination like Ocean City, which makes for an excellent opportunity.

Common Questions About Buying a Home in Willards

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.