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See what it's like to call Hagerstown home

Hagerstown is the fastest-growing metropolitan area in Maryland, and understandably so! With bountiful Stonehenge limestone architectural finishes and a wide array of attractions and culinary experiences, Hagerstown offers any family the perfect balance of the entertainment native to cities and the comfort of a small town. Also known as "Hub City," Hagerstown is a center of transit and commerce, with rich Civil War history and a high density of retail shopping.

Find the right home for you in Hagerstown

Walkability, ease of transport, convenience and entertainment abound

Hagerstown,or "Hub City", is the largest city in Western Maryland. Home to over 40,300 residents, Hagerstown's population has increased by 10 percent over the past two years. A center of transport and commerce, Hub City provides access to railroads and interstate highways. It represents the Tri-State Area hub, linking parts of Pennsylvania and West Virginia. Tucked between the Blue Ridge and Alleghany Mountains of Appalachia, Hagerstown offers a delightful "Cumberland Valley" aesthetic, temperate winters, and beautiful foliage. Hagerstown is also a cultural epicenter, as it is home to the Maryland Theatre, the Pennsylvania Dutch Market, the Washington County Museum of Fine Arts, and sprawling parks.

How to buy your home in Hagerstown

Home-ownership in Hagerstown is wise and economical

Tackling the geography of an unknown city can be quite difficult when looking to buy a home. Thankfully, Earnest offers useful services for narrowing down your search with key factors like price range, neighborhood character, loan needs, and property values and expectations. Let Earnest do most of the work for you, while you simply utilize their effortless online application. Earnest will keep your finances and home-ownership profile in mind while helping you find the best new home.

Common Questions About Buying a Home in Hagerstown

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.