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Hyattsville has your dream home

Located in Prince George’s County, just outside of Washington D.C., you can find charming little Hyattsville. The semi-urban area is abundant with trees with many cozy homes with yards. With very few apartment complexes and office buildings, Hyattsville is home to many descendants of original residents. The market is hot and homes are expected to raise in price by 3.8 percent over the next year! Now is the time to buy. Let Earnest help you with a home loan.

Make a home in Hyattsville

This cozy little town is ready to welcome you

A city with tree-lined streets, front-porch communities where everyone knows their neighbor, bustling shopping areas, and numerous parks might sound too good to be true. Luckily, the city of Hyattsville has all of this and more. The energy efficient city prides itself on programs and events for its diverse population such as its Creative Minds Parent & Child program and numerous community service opportunities. With the median age of Hyattsville being below Maryland’s state average, you'll find lots of young families residing in homes built as early as 1939. Most of the homes in Hyattsville were constructed in the 1950s and have that era’s charm to them.

Find a home to match your budget

With seven neighborhoods to choose from, there's something for everyone

One of the best kept secrets of Maryland, Hyattsville offers comfortable homes for families, University of Maryland students, and empty-nesters. Hyattsville offers a welcoming atmosphere with a small-town feel where neighbors know one another. According to Zillow's, home values have risen by 7 percent over the last year and are expected to continue rising. The average home currently valued at $273,100 with listing prices ranging from $30,000 to $710,000. There is truly a home for any budget. People clearly love Hyattsville. Between 2000 and 2014, the population increased by 12.9 percent – from 15,704 to 17,734. Within the seven neighborhoods that make up Hyattsville – Chillum, Greater Landover, East Riverdale, Woodlawn, Landover Hills, and Langley Park – there are over 520 annual sales in the 2.7 square mile city area.

Common Questions About Buying a Home in Hyattsville

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.