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Buying a home in Bishopville is simple

Bishopville is an exciting and rising community in the state of Maryland. For years Maryland has been on the rise due to the number of millennials and professionals seeking to relocate to the area for government opportunities. The increased number of professionals coming to the area, combined with housing prices, makes this area an ideal place to live for everyone.

There is never a dull moment in Bishopville

Great place for families to expand beyond their potential

Bishopville's small community is located in Worcester County, Maryland. It has continued to gain increasing popularity because of its location just south of the Delaware state line. According to the 2010 census, the population is approximately 531. According to Trulia, there are many different types of homes in Worcester County. Bishopville has many of the desirable neighborhood attributes that a family or someone just starting would want. According to Trulia, safety is seldom a concern in Bishopville. It's a safe place to live with a strong family dynamic. Trulia also shows plenty of restaurants to explore and discover in the Bishopville and Worcester County area, so you'll be able to find your new favorite while also enjoying places you already love. Bishopville is a safe and quiet place to live but there's still plenty of excitement.

Making Bishopville homebuying easy

Low rates and a seamless application make it simple, easy and fast

Bishopville is a truly lovely place to live. There are many different kinds of homes all across a wide price range. Maryland is a safe place to live and Bishopville is no different. Maryland homes continue to rise in value according to Zillow, and it really is a great place to live and raise a family. Bishopville may be a small town but it represents some of the best that Maryland has to offer. It may be a small town but it's worth it because the hassle of the big city won't interrupt your daily life. You can always take a short drive to bigger cities if you need to and then come back to your lovely home. Bethany Beach in Delaware is only about 20 minutes away and not only is it beautiful, but you can enjoy the waterfront attractions like the Bethany Beach Boardwalk. You're also near plenty of other waterfront locations in Delaware.

Common Questions About Buying a Home in Bishopville

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.