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Raise your family in the wonderful city of Hydes

Hydes is a small community nestled in the heart of Baltimore County, Maryland in the Long Green Valley. It has a population below 500 and though that may sound too small to some, there is a thriving community and a lot of land in which to root your future and secure your dream home. This area is also home to several wineries including the famous Boordy Vineyards and DeJon Winery. If you feel like you need a night in the city on occasion, Hydes is just 23 miles from Baltimore.

Find your new home in Hydes, Maryland

Find a home among families, fun and farmers markets

The town of Hydes is replete with amazing restaurants, attractions, history, and people. It is constantly putting in the effort to get itself on the map as a go-to destination in Maryland. When it comes to raising a family, Hydes is home to a wonderful school district that will assure your children are receiving a quality education. Hydes is also home to quality entertainment and recreational facilities. If you want to plan the perfect outing, you might check out the local wineries, jazz clubs, or even take a hot air balloon ride that soars over beautiful northern Baltimore County. On Thursday nights you can get a taste for fresh foods at the Boordy Vineyards farmers market during the summer months. Regardless of your interests, the beautiful city of Hydes has something for everyone to enjoy.

Purchasing a home in Hydes has never been easier

Earnest makes buying a home fast and easy

Within driving distance to both Baltimore and Washington D.C. and with many local amenities nearby, Hydes is a great place to settle down. Hydes offers the best of both worlds, a small town feel with big city conveniences. Buying a home here allows you to find the perfect dream house settled on a large piece of property, giving you room to grow. If you don't want to buy a house that is already built, the area offers lots to make your custom built dream a reality. The process of buying a home is exciting and always an adventure. Though new adventures are exciting, there are a slew of details you may not realize you have to think about when it comes to buying a home. With services from Earnest, your experience with home buying will be smooth and simple.

Common Questions About Buying a Home in Hydes

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.