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The city of Delmar welcomes you

Located at the start of the Mason-Dixon line, Delmar has the distinction of being a town in both Maryland and Delaware. Delmar residents are extremely proud of their town's unconventional heritage and situation. With proximity to Salisbury, this small community has a variety of different types of homes to suit your family's needs. There are many different reasons to call Delmar your new home.

A one of a kind town

Delmar's quaint charm will enchant you

Delmar's history began in 1859, when the Delaware Railroad was expanded south to the boundary of the state. With the growth and development from the additional business brought by the railroad, came families who settled on either side of the Delaware-Maryland state line, causing Delmar, MD to become incorporated in 1888. The town is co-governed by two mayors, each representing the community in each state, along with other representatives from both sides of the state line. Additionally, the two Delmars share a school system, with all students attending the Elementary school in Maryland and the Middle and High Schools in Delaware. There are also four colleges that are less than 20 miles away for anyone wanting to continue their secondary education. Residents also enjoy a short commute time to work with many driving less than a 25 minutes.

Buying a home in Delmar has never been easier

Affordable rates with an easy application

Delmar's small town feel, low crime rate, and affordable property values make it a perfect place to settle down. Safety and affordability are important when you're just starting out or raising a family. The median sales price in Delmar is $138,450 and trending downward, so there is no better time to invest in a new home. Whether you are looking for your first home, or looking to refinance, Earnest's calculator takes your needs into account, along with your financial situation to get you the most value fast. Maryland median home values continue to grow year after year while remaining affordable so it really is a great place to invest in your future.

Common Questions About Buying a Home in Delmar

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.