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Hunt Valley homes are waiting for you

"Hunt Valley is a quiet unincorporated community just north of Baltimore. Residents enjoy city access through the Baltimore Light Rail system, which terminates in Hunt Valley. Currently, the real estate market is offering some of the more affordable homes, in not only the state but the entire country. Hunt Valley residents are also near Pennsylvania and Delaware. It’s an affordable mix of natural beauty, accessible retail centers, and nearby traveling opportunities. "

Beauty and affordable homes in Hunt Valley

Come home to Hunt Valley today

The Baltimore Light Rail has its northern terminus in Hunt Valley, but that doesn’t mean life stops there. An unincorporated community within Cockeysville, Hunt Valley is in charm city’s orbit but surrounded by rolling hills and farmland. The Hunt Valley Towne Center is a heavily trafficked outdoor mall sporting a mix of restaurants and chain stores. From 2000 to 2013, median household income in the area grew by over $20,000 while the population increased by over 7 percent. With a strong employment base and 350 nearby restaurants to choose from, it’s an increasingly attractive place to live.

A simpler and more comfortable life

Hunt Valley may be smaller but what you'll achieve here can't be measured!

Home values have been consistently on the rise in Hunt Valley and surrounding areas. Cockeysville, the town Hunt Valley is within, saw median home and condo values rise from $171,000 to over $300,000 from the year 2000 to 2013. That's still over $20,000 higher than the median home values for the entire state. The nearby Baltimore County Historical Museum has plenty of local history on display. Home prices range from condos asking for $115,000 to multi-bedroom mansions surrounded by farmland on the market for almost $10 million.

Common Questions About Buying a Home in Hunt Valley

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.