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Charlotte Hall has the perfect house just for you

Charlotte Hall homes are as lively as they are full of value! According to City-Data, median home values increased from $143,200 in 2000 to $341,675 in 2013. These homes have consistently held their value and are a lucrative and smart investment for both you and your family. If you don't have a family now, this is the perfect place for you to build and grow your stability so that you can have a foundation for the family you'll have in the future.

Earnest wants to help you with your purchase

Plenty of unique and beautiful homes are available in Charlotte Hall

According to City-Data, unemployment has continued to decrease in Charlotte Hall since 2010 and there is a wide range of industries for you to join; from public administration to construction to retail to scientific jobs, there is something for everyone in Charlotte Hall. According to Walkscore, you will want to make sure you have a dependable vehicle to get around, as it's difficult to get around without one. There are also a lot of great schools in Charlotte Hall; in fact, according to Livability, it has a GreatSchools rating of 7 out of 10. There's a great selection of both public and private schools for you to choose from so that you can ensure that your children get the education they can to have the future they deserve.

Finding your next home has never been so easy

Inexpensive living and luxury await you in Charlotte Hall

Charlotte Hall is a town that is focused on paying attention to the important things in life: family, friends, and good values. According to City-Data, over 70 percent of households are owned by families and the majority of residents have around a 10-minute commute to work. This gives them plenty of time to spend enjoying their families. The median income rate has been steadily rising in Charlotte Hall since 2000; in fact, since then it's increased by almost $10,000. This is a beautiful town where you and your family would be right at home. If you ever want to experience big city living, then Baltimore is only about an hour away, so it's never out of reach but doesn’t interfere with the quiet lifestyle in this quaint and charming town.

Common Questions About Buying a Home in Charlotte Hall

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.