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Rawlings has much to offer in the housing market

Rawlings is becoming a popular location for homebuyers in Maryland. The area is considered a sociable environment with charming historical aspects. Rawlings has houses spreading across the area with golf courses available. These houses come at different prices suitable for everyone. Rawlings is a small city with a population of only 714, with 18 public elementary schools, 20 middle schools and 6 high schools. The median income of Rawlings is $58,646, making the area an affordable place to live.

Rawlings combines quality and inexpensiveness

Rawlings has something for everyone

Rawlings houses offer some of the best deals. The median house price is $167,500 according to You can enjoy a nice, peaceful, good quality home for a price that is lower than the state average. Rawlings boasts access to hospitals, doctors and health care providers. The houses will quickly capture your heart. If you're looking for a place that offers you peace and quiet whilst giving you a social life to enjoy, Rawlings is a good choice. For families, there are multiple schools available. It offers good business, education, healthcare and a variety of social activities.

The houses here are ideally located for families

Rawlings is an affordable area for great-quality houses

No matter your situation, Rawlings will have a house for you. Houses have a range with 2 to 5 bedrooms, and are in good condition no matter the size. Prices start at $19,200, making it an absolute bargain, to $379,000, still an affordable cost. There are options for singles, families and couples here. 62.5 percent of the homes were built after 1990, with 83.6 percent of the houses having three bedrooms or more. It is a family friendly area, with many bars and country clubs. Whilst many may consider this location isolated, the area offers much to do. A considerable location which features both work and play.

Common Questions About Buying a Home in Rawlings

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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