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Your new life in Freeland starts here

If you want to live in a small town with ultimate privacy, Freeland is for you. Just a few miles away from Pennsylvania in Northern Maryland, you're never too far from Baltimore, Washington D.C., or even Philadelphia. Freeland is home to a variety of traditional, historic homes, newer homes, or even plots of land to build upon. For commuter families that want to live outside the cities, or for retirees looking for a private place to settle down, Freeland has what you need.

A suburban escape for commuter families

Freeland offers a serene home base for those that want to relax in peace

Within driving distance from Washington D.C.,Philadelphia, and Baltimore, Freeland is the perfect location for commuter families driving to work, taking weekend day trips, or for retirees who want rural serenity with city accessibility. With all of the necessities to live comfortably: local schools, local restaurants/businesses, and community events and organizations, Freeland is perfect for any type of buyer. Also, with property taxes a fraction of the Maryland state average, Freeland is much more affordable to live in than most areas in Maryland. Although Freeland itself is only home to an elementary school, there are local middle and high schools right outside town in nearby Manchester. Safety and affordability make Freeland a great place to raise your family.

Buying your Freeland home has never been easier

Simple and fast, a home loan you can't ignore

Looking for a home in Freeland should be an exciting next step in life. But when trying to compare various neighborhoods, houses, and websites, it can seem like a long and tedious task. At Earnest, we help you find your priorities (walkability, location, size, etc.) and your target price in your future home. Median home prices in Freeland sat at $290,000 at the end of October 2016. Zillow anticipates a 2.5 percent increase in home values through October 2017 so it's obviously a good time to buy a Freeland home. Buying in Freeland is an investment that will appreciate over time.

Common Questions About Buying a Home in Freeland

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.