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It's time to buy a home in Glen Arm, Maryland

There is a lot of history in Glen Arm and that includes some of the beautiful homes that are available for purchase. There's a wide selection of homes to choose from with plenty of wonderful prices as well. It's a smaller town but it has got heart and spirit. Glen Arm is a safe town with an emphasis on family and friendliness.

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There's all kinds of homes to choose from

There are so many different types of homes to choose from in Glen Arm! From smaller and easily affordable homes to luxury homes that are still very affordable but certainly higher up on the scale in terms of how nice they are. Trulia has dozens of homes for sale right now and they are simply stunning. There are beautiful historic homes available but also newer and still gorgeous homes. You just need to decide how many bedrooms you want and which of the unique layouts most interests you! Trulia reports that crime in Glen Arm is very low, meaning it's very safe in Glen Arm. There's less crime in Glen Arm than in most of the county and most of the state. The neighborhoods are stunning as well. The natural beauty of Glen Arm is complemented nicely by the unique and beautiful homes.

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Affordable and lovely homes are waiting for you

Glen Arm is a unique and beautiful town. The character and how down to earth the town is makes it very lovey. Prigel Family Creamery helps capture some of that spirit. Prigel Family Creamery specialized in homemade ice cream and people come from all over the state for it. Visitors have posted numerous positive reviews on TripAdvisor. This is one of the most popular ice cream spots in the state for those that know of this Glen Arm secret! Baltimore is only about half an hour away so you can experience the many attractions available there while still getting to come home to your personal sanctuary in Glen Arm. According to City-Data, Baltimore has museums, aquariums, landmarks, luxury hotels, and more!

Common Questions About Buying a Home in Glen Arm

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.