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Shady Side homes are at great rates—don't wait

Shady Side has incredible homes at affordable prices waiting to be purchased. It doesn't matter how many bedrooms or bathrooms you need, Shady Side's got it. According to City-Data there are plenty of different kinds of jobs, nearby colleges, a growing population, and an unemployment rate that's constantly shrinking. What are you waiting for? Move to Shady Side to get on the bright side of life.

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Get ready to call Shady Side your new home

There are plenty of work opportunities in Shady Side, but construction and administration are definitely the most prominent industries. Unemployment has been decreasing sharply since 2010, and the population hasn't stopped growing since the 1970's. There are many different types of homes in Shady Side for you to choose from. According to Trulia, homes are currently going from $40,000 to almost $2,000,000. It all comes down to what you're looking for and what you're wanting out of your home. Trulia reports that 96 percent of residents use a personal vehicle, so you'll want to make sure your car is ready for the road. Walkability gave Shady Side a score of 33 out of 100 and also recommends you use a personal vehicle for most of your travel.

Homeownership is simplified in Shady Side

The home you've been looking for has been in your grasp

Shady Side is a prosperous town in terms of income and housing. The neighborhoods are nice and there's plenty to do in and around town. City-Data reports that the median income has increased by over $30,000 since 2000, and it just keeps going up. According to Trulia, even the safest and best neighborhoods are extremely affordable to live in. The whole town is nice but even living in the best area is easy to do. There are plenty of homes in that area in the $200,000-price range and plenty of options there as well. City-Data reports that there are nearly 300 restaurants located in Shady Side, which gives you plenty of choices when you can't or don't want to wait for a good meal. There are also plenty of places to go as well, such as the many lakes and parks that you can conveniently enjoy.

Common Questions About Buying a Home in Shady Side

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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