Alert Message

Manchester homes have something for everyone

Manchester is a quaint little town just north of Baltimore. Far enough from the city to provide a quiet, comfortable retreat, but close enough to make your commute quick and easy, Manchester is the perfect distance away from the hustle and bustle. Many locals commute to Baltimore or the Washington, D.C., area. Let Earnest help you find your happy medium.

Experience nature in Manchester

Enjoy the fruits of nature in your own backyard

Manchester is an ideally sized town: not too small, but not too large. In 2014, Manchester had a population of 4,821, and the average resident is in their upper thirties. This town is popular among commuters who travel to Baltimore or Washington, D.C., for work--and the commuting infrastructure is highly developed. History buffs will also appreciate Manchester for its rich, historic root: The town was officially incorporated in 1834 and home to one of the first colleges in the country. Today, Manchester hosts many small businesses and has its own post office in the center of town. Get ready to call Manchester home today with Earnest.

Manchester is a remarkable place

Gorgeous local parks for everyone to admire

Manchester's three major parks are perfect for those who enjoy nature's comforts. Christmas Tree Park is situated in northeastern Manchester and is home to the largest developed park land in the area. There are several attractions for residents to enjoy, including baseball fields, tennis courts, picnic and grilling areas, and playgrounds for children. There are also dense woodlands and small ponds in the area. The name is derived from the local forest lands decorated with pine trees. Manchester also has three state highways within the town's limits, which make the town easily accessible and alleviate travel concerns. Start planning your move to Manchester today with Earnest. We can help you find the right mortgage rates for your financial situation.

Common Questions About Buying a Home in Manchester

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

People around a computer

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.