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Sudlersville mortgage rates make dreams reality

Median home prices and mortgage rates in Sudlersville are presently low. That makes it possible for you to move to your dream community quickly and easily. The Sudlersville area offers a variety of homes in a beautiful small town that speaks to both families and retirees alike. Whatever your stage of life, you'll find something to suit you here.

Sudlersville has an atmosphere for everyone

Simple and sentimental, this small town has it all

Though small in size, Sudlersville is bursting with heart. Hometown of the Baseball Hall of Famer Jimmie Foxx, Sudlersville has a rich history and a proud local government. With restaurants, schools, healthcare centers, and more all within a few miles, Sudlersville is the perfect place to settle down to enjoy simplicity without abandoning modern luxury. The town's quaint charm is made even more attractive when you consider that the median house sale price in 2016 was $167,500—an absolute steal for such a close community.

The sweetest loan in Sudlersville

Low rates and a simple process

Whether you're looking to buy a new home or refinance your current one, Earnest can help make the process as simple as possible. The first step toward your new residence is a loan; mortgage rates in Sudlersville are hovering at about 4 percent, but your specific rate can depend on numerous factors. Be sure to talk to your realtor about your eligibility for any available discounts they offer. Once you're preapproved, the adventure truly begins and it's time to start the search for your dream home! If you're looking to refinance, you might already be familiar with the process—but Earnest can help alleviate unnecessary stress and give you the most bang for your buck.

Common Questions About Sudlersville Mortgage Rates

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.