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Start a new life in this small coastal town

Rhodesdale, Maryland is nestled close to the coast and offers beautiful landscape scenery and numerous waterfront activities. Rhodesdale is a small but thriving community that is ideal for raising a family. The area has a smaller population compared to most cities, but it is the perfect, quiet place to buy or build a new home. If you love the nautical lifestyle and enjoy living close to the water, Rhodesdale is a natural fit for you.

Look no further; Rhodesdale is scenic and sound

Starting a family in Rhodesdale, Maryland has never made more sense

Enjoy a nautical-themed lifestyle in the unique town of Rhodesdale, Maryland. According to Trulia, the average sales price for a home is $127,500, which is ideal for newlyweds looking to purchase their first home. Since this town is located on Maryland’s coast, there are many local restaurants and attractions that will keep you entertained. Being on the coast is also nice because during the summer months you can take trips to admire the water and enjoy peaceful fun with your family. Rhodesdale is also known for being a quiet town, so if "chill" is what you have in mind, this is the place for you. Rhodesdale is also very close the Maryland/Delaware state line, making it easy to visit another state for a fun family road trip. Ready to find your dream home? Make your move now.

Find your next dream home in Rhodesdale

Feel at home in a small town along the Maryland coast

Is Rhodesdale, Maryland at the top of your list to find the perfect home for you and your family? This beautiful town positioned near the coast offers a place to peacefully start a family away from the hustle and bustle of a big city. Prices for homes in the area are reasonable and are ideal first homes. Buying your first home can make you feel overwhelmed, almost like a roller-coaster ride. If you are feeling this way, let Earnest take over so that you can feel at ease. We will assist you by learning what you are looking for in a home and how much you want to spend, among other factors. Don't wait any longer to find the home of your dreams; let Ernest help you through this important milestone, stress-free.

Common Questions About Buying a Home in Rhodesdale

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.