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Owings has the home that you've been hoping for

Owings is filled with a lot of very nice and luxurious homes. According to Livability, the median home value in Owings is $451,800, which is much higher than the average in the state of Maryland. There's always something new to try in Owings. According to City-Data, there are over 40 restaurants for you, your friends, and family to check out. Pick your favorite out of the bunch!

Owings is waiting for you. Come see what awaits

The home of your dreams is waiting for you

Owings not only has a variety of elementary schools to choose from but is also within driving distance to numerous colleges and universities. There's definitely a family focus in Owings: About 85 percent of households are family households. Owings is also a great place to work. In fact, Owings has a median household income of $110,357, which is higher than the national average. Not to mention that the average work commute time is only 33 minutes. Find yourself at home in Owings today!

Owings homes are rising in value

Don't miss your chance to purchase a piece of the American dream

Family homes and personal retreats are both available in Owings! All it takes is a few minutes on Trulia to see that there are sizes and prices that work for every budget and need. Owings is a great place to raise a family or just settle down and take in all the beauty surrounding you in this small but prosperous town. It doesn't matter what you're looking for; Owings can meet and exceed whatever expectations you have in mind. Get help from Earnest with the heavy lifting when it comes to your mortgage.

Common Questions About Buying a Home in Owings

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.