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Get to know Glenwood, Maryland

Glenwood may be small in size, but it's located just 30 minutes from Baltimore where plenty of attractions and jobs await. This charming small town has a population of just under 3500 residents that take pride in the charm of their small community. While this quaint town may not have all the amenities that a larger suburb or city may have, it's a lovely and affordable place to live. All of the work and attractions of Baltimore are available to you with the safety and affordability of Glenwood.

Escape to Glenwood

Invest in comfort and charm

Located just two miles outside of Bel Air, this commuter town has an abundance of local restaurants, bars, parks, and main street shops. Spend your days exploring the history and charm of Glenwood, grab a bite to eat at Smokin' Hot Bar and Grille! It's also great in terms of work because of a low unemployment rate and plenty of jobs nearby. Many residents enjoy a short commute to work, whether they work in town or in Baltimore. Many of the residents enjoy a more prosperous lifestyle than the rest of the state as Glenwood and the surrounding areas have a lower cost of living in addition to the median income being higher here as well.

Find your home in Glenwood

Homebuying simplified

Purchasing a home is one of the biggest decisions that people make during their lifetime but doesn't have to be the hardest decision. Earnest is on your side to help make this process simple, stress-free, and run as smooth as possible. There are many factors that go into determining your loan amount eligibility, with that said, Earnest has developed a tool for you to easily calculate your potential loan amount. Whether you are purchasing your first home or looking to refinance, Earnest can help you!

Common Questions About Buying a Home in Glenwood

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.