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Glenelg luxury can now be yours to have

If you are looking for small town living with major city amenities, Glenelg is the place for you. Glenelg is known for its beautiful, sophisticated homes with large gardens and plenty of greenery. A population of about 1,800 means you will quickly feel at home, getting to know your neighbors as well as the ins and outs of this lovely spot. To live in Glenelg is to live in one of Maryland's most beautiful and luxurious areas, with plenty of jobs, good schools, and recreational facilities nearby.

Glenelg has your luxury home

A hometown full of parks, restaurants, museums and much more

Glenelg offers easy access to entertainment outside of the city, but the local culinary scene is worth noting, featuring award winning Mama Millies Italian restaurant, and the polished, woodsy Ten Oaks Tavern. For the nature lover, Glenelg offers plenty of adventurous and relaxing outdoor recreation. Nearby are Western Regional Park and Carrs Mill Park. You might prefer watching the ducks in Warfields Pond Park, where stillness meets beauty. If you want a more adventurous and city-like experience, Baltimore is only thirty miles away. Enjoy the many museums, restaurants, and amenities of a major city and return home to your luxurious community. Glenelg is perfect for the everyday family looking to settle down in a town of traditional values that emanates luxury and yet is near a major city.

Making getting a loan in Glenelg easier

Earnest will bring comfortable living to you

Although Glenelg is a small town within Howard County, it is near some of the finest schools, hospitals, and areas of note. Within the city of Glenelg you will find the Glenelg High School and the Triadelphia Elementary School, rated a 4/5 for its phenomenal teaching staff and quality of learning according to greatschools.org. Howard County overall has a variety of schooling opportunities and its colleges rank among some of the best colleges in the state of Maryland. If you desire a more city-like college experience, the Maryland Institute College of Art and Baltimore City College are only thirty minutes away, both with a ranking above 4/5 from greatschools.org. Within the city of Baltimore, you will find plenty of public transportation, shopping, fine dining, and much more, giving you an all-around fulfilled experience.

Common Questions About Buying a Home in Glenelg

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.