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Your homebuying process can start in Earleville

Located in Cecil County, Maryland, Earleville is primarily rural and dense in development. Average home prices are low, making Earleville a prime area for investing in the future. There are many different types of homes that can accommodate families of all sizes. With home prices continuing to remain low and Mayland's continued growth in home values, it's the perfect time to call Earleville home!

Earleville: a rural town with potential for growth

If you're searching for small and comfortable, then search no more

Earleville is a small rural town located in Cecil County. The population of the county alone is 102,382. Cecil County has historically been known for it's poverty rates but City-Data does report that median income has increased by almost $20,000 since 1999. The county has almost 50 restaurants to discover, which gives you plenty to sort through to find a new favorite!

Homebuying doesn't have to be overwhelming

Stellar rates make now the perfect time to call Earleville home

The cost of living in Earleville is below that of most places in Maryland, making a primary location for those looking to get a fresh first-time homeownership opportunity. Earleville is in a nice location as well. Most residents have less than 30 minutes for their commute time when traveling to work. Safety is also a nice factor when living in Maryland. According to Trulia, it is a very safe place to live so you and your family can relax and enjoy all that Earleville and the surrounding area has to offer.

Common Questions About Buying a Home in Earleville

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.