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Make Hanover your new home

Hanover homes are growing in value. With the median value of homes listed at $362,300, Hanover is the perfect place to buy a new home. There are many different types of homes, a wide range of jobs, and many opportunities for growth in your investments in Hanover. What are you waiting for? Now is the perfect time to purchase a Hanover home.

You will fall in love with Hanover's beauty

Close to nature and the city

Close to the beautiful Chesapeake Bay, you will never want to leave your home in Hanover. It's only a 30-minute drive to Baltimore, so there are plenty of attractions and a lot to discover in and around the area. There's the historical value of the many museums of Baltimore, as well as the National Aquarium to explore. When you're all done checking these destinations out, there are also plenty of luxury hotels, parks, gardens, and even a beautiful art galley. Baltimore's got it all, and it's within easy driving distance of your new home. You can enjoy all that Baltimore has to offer without the costs or the hassle of living in the city. Every day you'll get to come home to your personal retreat in Hanover.

Hanover is ideally located for travel and comfort

Traveling to and from your new home is easy

Hanover is very close to Baltimore/Washington International Thurgood Airport, making traveling to and from Hanover extremely easy. Hanover's a great place to raise a family, too. You'll never have to fret over your safety. Families own the majority of the homes in the Baltimore area, which helps create a friendly and warm atmosphere in the neighborhoods and surrounding towns. There are a lot of great neighborhood attributes in Hanover: From the unique and beautiful homes to the close-knit feel, it truly is a great place to call home. You will need to make sure to own a personal vehicle, though, as its Walkscore walkability rating is relatively low. Make sure to factor a car into your budget when you move to the area.

Common Questions About Buying a Home in Hanover

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.