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Buying a house in Perryville made easy

With the high market value of homes in the U.S., buying a home is easier and more fun than ever. Not only are there multiple locations of homes in Perryville but there are an exorbitant amount of different styles of homes! From large country homes with sprawling land to cozy townhomes perfect for a family, Perryville has everything. These homes are affordable and located in beautiful parts of this city. Whether you want to live in the country or in the city center, Perryville has a home for you.

Looking for a new home? Look for Perryville!

Perryville is the ideal location for anyone looking for family fun

There is nothing more exciting than moving to a new home. Perryville can make that move even more exciting! This location has a great deal of amenities and interesting historical landmarks to visit that make it fun for the whole family. Located in southern-central Maryland, it has that perfect temperate climate that comes from living right by the ocean! With easy access to the water, the options for outings are endless. Maryland has a large number of big cities nearby that are perfect for day trips and weekends away exploring all that Maryland has to offer. Or venture to one of Maryland's numerous small towns and have a relaxing experience in one of the quaint areas that calls Maryland home. No matter what you're looking for in a home, Perryville can provide! Look for homes in Perryville today!

Find your Perryville dream home with Earnest

Earnest makes it easy and stress free to find the perfect home for you

Earnest has a long history of helping deserving people find the home they have always wanted. Earnest noticed that a lot of financially responsible people weren't getting the credit that they deserved despite attempts to rectify the problem. They thought that everyone should be able to live the life they want without limitations. If this sounds like you, Earnest is the company that will work for you! This company is top notch when it comes to finding a way to afford your new home. The Perryville average home value comes in at $198,900, just above the U.S. average of $189,400. This means that moving here has never been easier and with Earnest, finding the means to do so will be quick and stress free!

Common Questions About Perryville 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.