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Obtain an affordable mortgage and home in Willards

Willards is a calm and quiet place to live for retirees or growing families looking for a place to settle down. It has the essential amenities, large home lots, and lots of outdoor space, with easy beach access just 25 minutes away. If you're looking for a place to buy by the beach, Earnest can help you find a bargain home in Willards. You'll enjoy safety, decent schools, and good restaurants, all while living close to Ocean City.

Sleepy small town living with beach access

Willards is the place for families

Few people know about Willards, because it has a population of only 1,000. This small-town community is designed specifically for children and families. It's home to many ball fields and activity locations like the Eastside Sports Complex and the Willards Park and Recreation area. It is also home to a quality elementary school. Residents enjoy low-cost homes that are typically less than $200,000, and they enjoy a short drive to Ocean City Maryland, where convenient shopping, restaurant options, and fun excursions abound. If you want to take advantage of everything that this sleepy town has to offer, now is the perfect time to start looking for a property. Mortgage rates are at an all-time low, and Earnest makes it incredibly easy to find homes. Just use the tools on the website to get started.

Mortgages made affordable with Earnest

Buy into a quality home in sleepy Willards quickly and easily

Mortgage rates haven't been this low in decades, and as a first-time home-buyer now is the perfect time to make a major purchase. You'll enjoy lower payments as you buy your dream home, which means that you can afford to get a nicer property overall. Buying a new house or home can be stressful. Fortunately, we work hard to make it as easy as possible. When working with Earnest, you'll know which properties you can afford and which you should be avoiding. You'll also know exactly what to do to make it through the loan process quickly and easily. Don't get stressed about purchasing a home. Just look into our services and enjoy getting into your new home. That's the benefit of working with Earnest.

Common Questions About Willards 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.