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Get a great home with a great mortgage in Dayton

As one of the wealthiest suburbs in the Baltimore area, Dayton is a perfect place for growing families looking for safety, good schools, high-quality restaurants, and refreshing outdoor environments. Dayton lies within a 30-minute drive of Baltimore. It's perfect for commuters. Find out which homes in Dayton most closely match your living standards--and your pocketbook.

Invest in a Dayton home now

Make the most of closeness to cities

Dayton, Maryland is a lush suburb town known for large lots and massive single-family homes of excellent quality. It's the type of community in which new residents are warmly welcomed by neighbors. This small town is just 30 minutes outside of Baltimore, making it an ideal location for professionals who work in the city. The commute is quick and straightforward, with nearly direct access to the city by way of route 32 and interstate 95. Close proximity to Baltimore and surrounding cities like Columbia and Ellicott makes for a plethora of entertainment and shopping options. The town also offers quick access to the Chesapeake Bay, which is sure to please boating enthusiasts.

Buy valuable property in Dayton with ease

Make the most of low property rates with a high quality purchase in Dayton

The median home price in Dayton, MD is an astonishing $652,400, with values rising nearly 3 percent each year. With interest rates in Dayton at an all-time low, now is the time to buy into the luxurious market. Grab your piece of the market and enjoy increased value as prices continue to climb to keep up with the growth of booming Baltimore. Whether you're a business professional or a professional family, Dayton has a lot to offer. Work with us at Earnest to obtain a good quality mortgage and simplify the homebuying process. We'll help you figure out what homes are best for you. We can even help with refinancing mortgages to ensure that you get the property that you are most interested in.

Common Questions About Buying a Home in Dayton

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.