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Move to Phoenix, Maryland today

Resting just east of Washington D.C. is the small city of Phoenix, Maryland. Located on the edge of Gunpowder Falls State Park, between Baltimore and the nation’s capital, this small city contains a wide selection of gorgeous single family houses surrounded by sprawling green lawns. With a vast array of activities and services such as golf courses, shopping centers, parks, and a lovely reservoir, there is something for everyone in this area. With an Earnest loan, you can move down in no time.

Your perfect home is waiting in Phoenix, Maryland!

From golf to shopping there’s something for everyone in this beautiful city

With an estimated population of about 20,766 back in 2010, this small city is brimming with all sorts of things, from golf courses to shopping centers, making Phoenix, Maryland a city truly committed to growth and progress. Spend the day at the Loch Raven Skeet and Trap Range, or explore the Loch River Reservoir or Gunpowder Falls State Park. Shoot a few holes at the Hillendale Golf course, or kick back and relax at Hillendale’s Country club or one of the many other clubs in the area. This city has something for everyone. With the estimated commute time to work being 30 to 34 minutes, and the area itself conveniently located between Baltimore and Washington D.C., it’s no wonder more people are looking to call this place home

Don't wait any longer to buy your new Phoenix home

Low mortgage rates and Earnest’s online application make it fast and simple

The process of homebuying can be exciting. However, with so many houses and apartments to choose from, neighborhoods to research, schools to consider, and budgets to create, this exciting process can soon become a frustrating one. Thankfully, with Earnest, you can rest easy. Earnest makes the homebuying process simple by analyzing your financial profile and looking at your priorities as a homebuyer. These priorities include things like the area’s walkability, commuting time to work, size of the home, and nearby schools. Taking all this into consideration, Earnest will help you determine your target home price. And with mortgage rates in Phoenix, Maryland being as low as they are, now is the time to find that perfect home.

Common Questions About Buying a Home in Phoenix

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.