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Make your Fallston dream home a reality

Just outside of Baltimore, Fallston is the perfect suburb for those who need easy access to the city. For sports lovers, Fallston is home to many Maryland sports stars including Bill Ripken, Melvin Mora, and broadcasters Gerry Sandusky, Jim Hunter, and Fred Manfra. Though just outside of Baltimore, Fallston maintains its own identity as a slower-paced suburb for those looking to escape fast-paced Baltimore.

An escape from city life in Fallston

Access to the city without all the hassle of living there

As a semi-rural Baltimore suburb, Fallston is perfect for commuter families who want easy access to the city while maintaining a quiet, more affordable home life. With a wide range of single family homes, from traditional styles to newer developments, there is something for every kind of family. Fallston plays host to a local public elementary, middle school, and high school that are all rated highly. You can rest assured that your children will receive a top-notch education in Fallston. With local home values exceeding the average home value in Maryland, Fallston is the right investment for your family and their future. Home prices are rising fast, so make sure you get your Fallston home before it's too late.

Make buying your Fallston home easy

Earnest takes away the headaches associated with homebuying

Buying a home in Fallston should be exciting, not tiresome. However, it's no secret that finding a house you love and can afford can be harder than it sounds. That's where Earnest comes in. Let Earnest help you figure out what kind of housing arrangement you want, and we'll find a way to make it yours. At a median sales price of $515,000 at the end of October 2016, according to Trulia, Fallston homes are a great investment right now. And considering the town's close proximity to Baltimore and quality school system, choosing Fallston is a decision you won't regret.

Common Questions About Buying a Home in Fallston

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.