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Buying your dream home in Sharptown

Situated alongside the Nanticoke River, Sharptown is a small town that boasts of quaint homes and fun for everyone. Perfect for families, Sharptown has a wide variety of amenities as well as affordable houses. Enjoy breathtaking waterfront views and beautiful parks in a truly historic town, where neighbors come over to visit and a sense of camaraderie permeates civic life.

Sharptown offers fun all year long

A town that truly has it all

Sharptown is a welcoming town full of history and nature. This idyllic area provides countless activities, including carnivals, holiday-themed events, and days in the park. Choose a home closer to the river, or a quaint, quiet residence towards the heart of town. Enjoy living in a rural haven with a population of less than 1,000, where small town meets luxury and comfort.

Homebuying is easy in Sharptown

A simple application combined with low mortgage rates

Buying a home in Sharptown, while very exciting, can seem a bit overwhelming, especially with so many stellar options to choose from. It's no surprise that the process is often slow, considering how many websites and open houses there are to peruse. Earnest is here to help make your homebuying process smooth and easy by combining your personal priorities, such as commute and proximity to cities, with your financial profile. This creates your unique target home price. With the average median price around $170,000 according to Zillow, homes here are affordable, with fantastic amenities to boot.

Common Questions About Buying a Home in Sharptown

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.