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Harmans homes, just outside of Baltimore

Sitting on the border between Anne Arundel and Howard County, Harmans is an unincorporated town less than half an hour outside of bustling Baltimore. With easy access to the city and a relaxed suburban feel, Harmans is the perfect spot for people looking for the city lifestyle without the city prices. Discover the nearby attractions today and fall in love with Harmans.

Ample attractions in Harmans

City, mall, and airport access await in this suburban town

Harmans is an unincorporated suburb southwest of Baltimore. Though small, Harmans is close to attractions like the million square foot Arundel Mills mall. Domestic and overseas travel is a breeze with its proximity to the Baltimore/Washington International Thurgood Airport. Baltimore's only a short drive away if you're looking for sophisticated urban offerings. Students living in Harmans attend the Anne Arundel County Public Schools, though there are also several private and religiously affiliated schools nearby as well. Many large parks in the area provide ample access to nature and wildlife, including the Rockburn Branch Park and the Severn Run Natural Environment Area.

Your dream home awaits

Find your perfect budget for purchasing a home in Harmans

It is no secret that purchasing a home can be difficult and overwhelming. With so many listings, the housing market’s options can seem endless. But thanks to Earnest, there is an easier way to find your dream home in Harmans, Maryland. Earnest will come up with your own individualized financial profile to create a budget tailored to your income, credit, and other factors. This will help you select the right price range for your new home and ensure you are receiving the best possible deal. Whether this is your first home, you’re looking to relocate, or need a larger home to accommodate an expanding family, let Earnest help get you the most for your money today.

Common Questions About Buying a Home in Harmans

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.