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Family friendly Bryans Road

Bryans Road is a medium sized community located along the border of Maryland. With its many types of homes, neighborhood attributes, and attractions Bryans Road offers the perfect opportunity to invest for the future. According to Zillow, homes are currently valued at $235,700 with a predicted rise of 2.6 percent in the next year. With this in mind, now is the perfect time for families or those planning to start families to buy.

Now is the time to buy

Everything you should know about buying a home in Bryans Road

The population of Bryans Road is 7,772. This is up 19.8 percent from last year. Now is one of the best times to buy a home in Bryans Road. Houses in the community are currently valued at $235,700. This is up 1.8 percent from last year with a predicted rise of 2.6 percent in the next year. While the average price is lower than the state average. Homebuyers should expect to pay around $139 per square foot. This is also lower than the state average. With so many affordable options, families can easily find a place in Bryans Road to call home.

Family friendly lifestyle in Bryans Road

Enjoy settling down and getting into the routine of family life

Bryans Road is currently home to the popular of age graphic of 5-17. This makes the area incredibly child friendly and perfect for families. The area is well educated with 89 percent of residents graduating from high school and 18 percent graduating from college. There are currently 11,090 business establishments in Bryans Road's Charles with fewer than 10 employees. Another 3,978 businesses have between 10 and 50 employees, 642 have between 50 and 250, and 36 businesses have more than 250 employees. With many employment opportunities, Bryans Road is ideal for middle class families. For those families who already have children in grade school, there are a total of 1,680 students from Bryans Road currently enrolled in public school. There are 22 elementary schools, 30 middle schools, and seven high schools that serve the Bryans Road area.

Common Questions About Buying a Home in Bryans Road

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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