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Ostensibly just a small town in Maryland, Hancock offers so much more than meets the eye. Whether you want to kayak in the summer, ski in the winter, or visit historical sites in the Fall, Hancock has something for everyone! By the end of Summer 2016, Hancock home prices took a slight dip. However, as prices are expected to rise throughout the coming year, now is definitely the time to invest in Hancock.

You're one step closer to a Hancock home

Fun all year

Right on the border of Pennsylvania, Hancock is about as Northern Maryland you can go. Whether you want to take a day trip into Pennsylvania for its many attractions or drive to Washington D.C., Hancock's location is enviable, to say the least. A town based on its beautiful nature, any outdoors lover can take advantage of all of the water or land activities available in Hancock. For skiers, White Tail resort is only 19 miles away. Or, if you're more into history amongst the various historical sites worth visiting right in Hancock, the Antietam Battlefield is less than an hour away as well. Great for families, Hancock is host to quality, public elementary, middle, and high schools you can feel good sending your children to. There are also so many different types of homes to choose from. Hancock is a great place to live.

Buying a home in Hancock has never been easier

Zero frustrations and a faster move in day

Whether you're looking for a family home or a retirement residence to settle down in, homebuying can be a long and winding process. When trying to find your dream home, you shouldn't have to compromise. Earnest is here to help you identify what the amenities you need in a home, and your target budget to aim for. Median home prices decreased a bit at the end of Summer 2016, according to Trulia, at $55,000. But, they are expected to rise throughout the rest of 2016 and 2017, according to Zillow. So make now the time to invest in a Hancock home. Great public schools, outdoor activities available year-round, and a spot between Washington D.C. and Pennsylvania makes Hancock a great town in a prime location. Buying a home in Hancock is an investment into your's and your family's future that you shouldn't pass up.

Common Questions About Buying a Home in Hancock

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.