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Find the home of your dreams in Salisbury

Salisbury is a stunning river town. Called the capital of the Eastern Shore, Salisbury is one of the largest cities on the Delmarva Peninsula. Located near the head of the Wicomico River, Salisbury is located between gorgeous beaches and the Chesapeake Bay giving residents many relaxing locations to choose from. Salisbury is a full of culture. The city contains stunning art galleries and studios of local artists. Museums, tours and parks contribute to the rich history of the city.

Salisbury is a perfect city for the whole family

From schools to art fairs, the whole family has a place in Salisbury

With impressively low crime rates, it's not a surprise Salisbury residents refer to the city as "The Comfortable Side of Coastal". Salisbury offers something for everyone in the family to enjoy. Not only is Salisbury great for families, but it is a college town too! Salisbury University leads people from around the globe to the city to receive a great education. Have younger children? That's great too, because there are tons of schooling options available from private to public schools and the town loves going out to high school football games on Friday nights. With a population of 32,899 Salisbury is a smaller city, but there are tons of homes available for purchase. From homes near the river, to homes out in more rural areas, your family is sure to find the best location to settle down.

Home buying in Salisbury can be simple

Earnest makes home buying easy and to the point

Finding the perfect home and the perfect mortgage rate can be confusing and stressful, but Earnest is here to help out with all of that. Earnest makes home buying easy and to the point and it's the perfect place to start, not only for first-time home buyers, but also from buyers who have moved multiple times before! According to Zillow, the mean home buying price in Salisbury is $149,900, a comparatively affordable price for new families. However, the price has risen 4.4 percent in the past year and is predicted to keep steadily rising. So if you are in the market for a new home in Salisbury, now is the time to purchase. Earnest can help you start your home buying process!

Common Questions About Buying a Home in Salisbury

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.