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Your new home is waiting for you in Lanham

The Lanham area offers the perfect balance between city life and a small town feel. With a population of just over 10,000 across 3.6 square miles, you'll have everything you need right at your fingertips. Lanham is located just 9 miles from Washington, D.C., so you'll save big on living costs without losing out on city amenities. When purchasing a home, you don't want to compromise on your vision--and if you invest in Lanham, you won't have to.

Buy a home in Lanham

Choose a life without inconvenience; invest in comfort

With many booming companies based in Lanham, this small community offers the same high-energy vibe as its urban neighbors. Unlike D.C. and Baltimore, however, Lanham homes are available at prices you can afford. Part of Prince George's County just east of D.C., Lanham gives you access to some of the country’s best schools, health centers, and public transportation, without the burden of big city prices. There are Amtrak stations as close as 1, 10, and 16 miles away, and the interstate is a few short minutes from most neighborhoods. In Lanham, you'll never struggle to get to your destination, but you can also find what you need right around the corner. When you buy a Lanham house, you'll choose a life you love.

Let Earnest help you buy your home

Your home in Lanham is more than just a possibility with Earnest

Choosing to be a homeowner shouldn't feel like a sacrifice. At Earnest, we know that sometimes--what with all the costs to consider--it seems like you're giving up more than you expected. But with our help, you can have the home you've always imagined without overstepping your limits. Lanham offers affordable houses in a great location, and we want to help you find your place here. Lanham home values have increased steadily this year and are predicted to jump again over the next. So whether you're looking for a family home or something for yourself, now is the time to act. Investing in a Lanham home with Earnest at your side means joining a great community that's set to keep on growing. Get started today.

Common Questions About Buying a Home in Lanham

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.