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Edgewood homes for now and forever

Edgewood is the perfect place for family and fun while remaining in a quiet neighborhood. Don't let the city get you down. Escape the busy life and settle in this medium-sized area where you are a short drive away from restaurants, shops, and the city of Baltimore.

Edgewood is the area you've been hoping for

Close to Baltimore, with everything nearby

Located under 20 miles from Baltimore, Edgewood offers 55 restaurants, bars, and coffee shops in the vicinity. Forget driving hours in traffic. Instead, live in an area that shortens your commute to all the major attractions. The safe suburb of Edgewood allows you to live in a secure environment with tons of things to do, regardless of your age. Everything you desire can be found in Edgewood! Homes in the area are priced much lower than the Maryland state average, according to Zillow. But the average household income in the area has increased from previous years, indicating an up-and-coming area. Don't miss out on your chance to take advantage of all that Edgewood has to offer.

The affordable home of your dreams is in Edgewood

Live within your budget

Homebuying doesn't have to be stressful, even with countless ways to research neighborhoods and houses. Earnest is here to simplify your homebuying experience. Using unique tools to understand your needs and financial ability, Earnest will find your dream home within your current budget. Whether you are looking to refinance or purchase a starter home, Earnest's loan calculator is the solution to your concerns and questions. Don't give up hope on the homebuying process; it can be much simpler than you think. Rely on Earnest to help you find your dream home in Edgewood.

Common Questions About Buying a Home in Edgewood

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.