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Get a mortgage in Salisbury with Earnest

From small single family homes to larger historic homes, Salisbury has the home for you. Mortgage rates are easy to find and affordable to live with. With the rates increasing steadily, now is the time to buy a home. Earnest provides a calculator where you can find the price range you'll want for your home. The mortgage rate loan chosen depends on what is affordable for you including interest, principal, property taxes and insurance. But don't worry, Earnest makes finding this number easy to do.

Salisbury homes that are amazing and affordable

Whether by the river or by a park, your future home is in Salisbury

Whether you're in the market to buy your first apartment or the house you'll retire in, the perfect Salisbury home is out there waiting for you. Although Salisbury is a city in the center of the peninsula, the Wicomico river runs through downtown and bridges criss cross over the stunning water in the city park. You'll be able to find a home in Salisbury that corresponds to what you enjoy! You can live by the city park, downtown or out by the head of the Wicomico River. Although areas of downtown and the park have walkability, it will be important to buy or bring a car with you to Salisbury to use for running errands on busy days. According to Zillow, the average cost of buying a home in Salisbury is $149,900 -- well below the national average of $239,900.

Salisbury has the best home loan available to you

Earnest helps take the stress out of searching for the home of your dreams

Whether you are a first-time home buyer or you want to refinance your mortgage, Earnest is here to help! An important first step as a homebuyer is to find the right loan for you. Many items contribute to this loan including the purchase price, the amount you are interested in borrowing, the down payment, your credit score and the location where you are purchasing your home. If you are looking to refinance a home, there is no need to worry or be stressed about the process. Earnest is here to make the process clean and simple for you! You may want to refinance so you can spend money on other large purchases, or because you want to switch from a 15 to a 30 year mortgage rate, so you won't have to spend so much on the house each month. Whatever the reason and whatever the need, it is possible with the help of Earnest!

Common Questions About Salisbury 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.