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Houses are a bargain in Abingdon

Though some might call it an extension of downtown Edgewood, Abingdon has its own personality and charm, with friendly neighborhoods and cozy homes lining its streets. In Abingdon, you'll have the best of Harford County and a simple commute to Baltimore. Whether the suburbs suit your lifestyle for your job, your family, or just your personal preferences, Abingdon will fulfill your expectations and more. Purchase a house in this Maryland town. You'll be thrilled with your choice of Abingdon.

Your new home is waiting in Abingdon

High-quality, high-value homes for a low price

The suburb of Abingdon is a well-populated, well-situated town on the edge of the Baltimore metropolitan area. With over 25,500 residents, Abingdon is an active community; residents are provided with ample restaurants, bars, and other hot spots nearby, and the prices here are affordable, too. The town is 25 miles northeast of Baltimore, so you'll be able to take one of many different public transit options—or Maryland's Route 7—directly into the city whenever you need. Abingdon is also close to the Bush River, as well as numerous natural parks and refuges. Many of its homes have been added to the National Historic Registry, and those homes that aren't historic still offer the same comfortable yet classic feel. An Abingdon investment is a savvy investment. Take a look at these rates today.

Secure your Abingdon home loan with Earnest

You can buy a house with Earnest by your side

Abingdon, Maryland, may have caught your eye, but before you can make your homeownership official, you'll have to secure a loan. At Earnest, we look at your credit score and then beyond, taking your financial history and personal qualifications into account as well. We believe in supporting homeowners in a purchase they'll be proud of, so we consider more than just the raw numbers. If Abingdon seems like the perfect fit, we can walk you through the process, comparing your means with your home preferences. With our experienced analysts, you'll be able to zero in on the house you've always wanted in a price range you can afford. Start with our simple application for a loan; with Earnest, homeownership isn't just a dream. Your neighborhood home in Abingdon is just around the corner.

Common Questions About Buying a Home in Abingdon

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.