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Great homes in Aberdeen Proving Ground

With a total population of 2,411—of which 565 are members of the military—Aberdeen Proving Ground is a United States Army facility located in Harford County. The Army's oldest active proving ground, Aberdeen is a unique place to live for the local population of military members. Soak up the history surrounding you in this facility established nearly a century ago, during World War I.

Aberdeen is perfect for history lovers

Make historic attractions like Rock Run Historic Area your backyard

With a small population of just 2,411, around one-fifth of which is made up of U.S. military members, Aberdeen Proving Ground is a unique place to call home. Located in Harford County between the Susquehanna River and the Gunpowder River, Aberdeen Proving Ground is the U.S. Army's oldest active proving ground. For those interested in living here, the median home value in Aberdeen Proving Ground is $199,100, though the area is experiencing a number of foreclosures. It remains the center of employment for Harford County, and it's worth noting that the area is easily walkable. Choose Aberdeen Proving Ground if you want to be surrounded by history: This military installation is nearly a hundred years old. Established in 1917, just six months after the United States joined World War I, it has served as a facility to test ordnance material.

Make friends with your military neighbors in APG

Affordable living between two rivers

Aberdeen Proving Ground has something for everyone, whether you're a young single professional looking for job opportunities, a parent looking to grow your family, or a retiree hoping to settle somewhere unique. This walkable military base has more amenities than you'd think. Aberdeen Proving Ground is a national center for science and technology that serves as a base for research, development, and testing. Sandwiched between two rivers on the Chesapeake Bay, the area is scenic--and if you need an occasional weekend in the city, Baltimore is just 35 miles away. With help from Earnest, you can take your first steps toward calling Aberdeen Proving Ground home today. Check out our mortgage calculator to determine your target price range and starting dreaming of your new home.

Common Questions About Buying a Home in Aberdeen Proving Ground

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.