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Rising Sun homes are waiting

Located on the boarder of Pennsyvalnia and Maryland, Rising Sun is a small town with an approximate population of 2,859. Since it is on the boarder, the small town provides the "small town" vibe along with opportunities to spend time in larger surrounding cities. Because it is so close, Rising Sun is ideal for families looking for safe neighborhoods, but access to a nearby city for family field trips and fun nights away from home.

Finding your perfect home in Rising Sun

Just in the brink of time

For those looking to settle down in a quiet neighborhood, Rising Sun is the perfect spot. The average home is valued at $227,450. There is no predicted rise in the next year. The average cost of a home in Rising Sun falls below the state average, making this a prime spot to look—especially if you need to be near the city. The nieghborhood also allows consumers to both buy and rent depending on what is best for their budget. According to Livability, 56.41 percent of homes are owned while 43.59 percent are rented. Overall, it's pretty equal, meaning lots of choices for you to choose from in a great small town community.

A family friendly community with history

Young communities with old surroundings

Rising Sun is a family friendly community filled with residents that fall between the ages of 5-years-old to 17-years-old. Despite the younger community, the small town is filled with historic sites. Some of these include the Jeremiah Brown House and Mill Site, East Nottingham Friends Meeting House, Joshua Lowe House, Thomas Richards House, and West Nottingham Meetinghouse. Although a small town, these historical sights give educational opportunities to families and locals. This provides families with many educational opportunities without having to venture into the city.

Common Questions About Buying a Home in Rising Sun

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.