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Find your new home in historic Federalsburg

Located in the heart of Maryland's Eastern Shore and ten minutes from Delaware, Federalsburg is a tight knit community with beautiful views. Known for its hospitality and community Federalsburg's popularity has been growing rapidly. For anyone looking to move their family or just themselves to a prosperous and welcoming community, look to Federalsburg for your new home. There are plenty of different types of homes to choose from and they're affordable for all budgets.

A coastal community with a promising future

Enjoy coastal Maryland in all four seasons

There are plenty of different attractions to experience in Federalsburg. Easy access to both the Chesapeake Bay and Atlantic Ocean ensure beautiful views and fun outdoor activities for Federalsburg residence. From kayaking to swimming to boating, there are enough water activities to keep any outdoors lover busy. And, with a plethora of outdoor land activities in addition, there's enough to keep everyone entertained all year. For those who prefer cultural activities, there are a variety of historical sites and antique shops to visit. And, with public elementary, middle, and high schools all within the ZIP code, Federalsburg is just as great for families as it is for retirees or those looking for a scenic home in a serene community.

Moving to Federalsburg has never been easier

Earnest has a simple application and competitive rates

The rich and family oriented atmosphere makes Federalsburg a safe place to raise your family. There are many different types of work represented as well and most residents have a commute time of less than 25 minutes. There are so many reasons to live in Federalsburg and Earnest can help you find the house that meets your needs and budget. With Federalsburg homes at a median sales prices of $87,500 they've never been so affordable. So, act fast to get your dream home with Earnest.

Common Questions About Buying a Home in Federalsburg

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.