Alert Message

It's a buyer's market in beautiful Finksburg

With very well-ranked public schools in the area and Baltimore not forty minutes away, Finksburg is not just a beautiful town but a tight-knit community. Here you can find spacious two-story colonial style homes, quaint and livable cottages, and everything in between. Add a host of attractions and more than a few excellent restaurants and you have a place to call home. Finksburg also just so happens to be a total buyer's market. The last missing piece: an Earnest home loan at an amazing rate.

Finksburg: natural, quiet, yet Baltimore in sight

Finksburg provides space from the rat race in a well-amenitized community

A naturalistic paradise on the banks of the Liberty Reservoir, Finksburg is home to a host of desirable amenities and a magnificent selection of homes strung among a beautiful oak forest. Here, you are a simple half hour drive from a major metropolis but you could never know it. Finksburg provides any amenities a homebuyer may need and then some; great restaurants, great schools, and even a newly built library. Homes here come in many shapes and sizes. Small livable forest cabins all the way up to multi-story homes on big lots come at fantastic prices, allowing for a diverse mix of homeowners, from retirees to families of four. That said, most Finksburgers are between 18 and 65 and many make the daily trek to Baltimore. The Finksburg-Baltimore drive via I-795 takes a half hour without traffic and under an hour with.

See through the noise and find a Finksburg home

WIth Earnest, you'll find incomparably low rates

Finksburg is a great place to invest because of its adorable small town nature. Finksburg town plaza has a local shopping center, restaurants, and local shops full of charm. Enroll your kids in their first swimming lesson at Kid's First Swim Schools or go chow down at Baltimore's Best Prawn. Earnest can help you secure a home loan today. Just try our easy-to-use calculator to get started.

Common Questions About Buying a Home in Finksburg

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

People around a computer

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.