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The way to your new Ridgely home starts here

Formerly known as the "Strawberry Capital of the World," thanks to its booming agricultural industry in the 1900s, Ridgely is a community based on its history and resources. With several registered historical sites, such as Oak Lawn and Marble Head, and a great state park and arboretum, Ridgely has plenty of attractions for everyone to enjoy. With many different types of homes to choose from and prices continuing to drop, it's never been a better time to buy in Ridgely.

Ridgely has small town charm and great history

A community-centric attitude keeps this town smiling

With deep roots in its local history, Ridgely is a community that celebrates its resources and past. Being formerly known as the "Strawberry Capital of the World" Ridgely hosts an annual Strawberry Festival each May to celebrate their old title. With a relatively mild climate, Ridgely is beautiful all year round. Thus, making a visit to Ridgely's local parks, athletic fields, skate parks, and rivers a treat no matter the season. Beautiful nature, great historical sites, a local movie theater, and so much will keep any "Ridgelyite" entertained no matter what. Ridgely also has great local elementary and high schools that help give parents comfort in knowing their children are getting a great education.

Make a Ridgely home yours with a home loan

Take advantage of easy application and low rates

With so many great houses in quality neighborhoods, finding your future home in Ridgely can be tedious and time-consuming. Comparing different websites, homes, and locations make homebuying an even longer process than it needs to be. Thankfully, Earnest can you help you prioritize what you want in a home while helping you find what you can afford in a home. Whether you want a house closer to the local high school, or something with a bit more privacy, Earnest will be there to assist you with financing the right home for you. With home prices at a median sales price of $181,000 in November 2016, according to Trulia, now is the time to purchase a house in Ridgely. To get to move in day faster, look to Earnest. We can help make your dream home, a reality.

Common Questions About Buying a Home in Ridgely

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.