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Buying a house in Odenton has never been easier

Located in south-central Maryland, Odenton is a great place to settle down. Odenton is perfect for the homebuyer who wants the pace of a smaller town but the accessibility to all that big cities have to offer! With a population just under 40,000, Odenton boasts a diverse population, with women constituting over half and minorities making up about 30 percent. In fact, Odenton was ranked #40 in the “Top 101 cities with the largest percentage of females in industries.”

Come to Odenton, MD

One of Baltimore's fastest growing cities

The Odenton area has a lot of promise in it's future! This city has grown exponentially recently and doesn't show signs of stopping. It is home to five elementary and middle schools and two private high schools, both of which are Christian institutions. It also is in close proximity to seven universities including the US Naval Academy. This typically sunny and temperate area never seems to slow down! With decent access to public transportation, a weekend of big city fun is never far off! Baltimore is a shockingly close 17 miles away. This makes a quick getaway easy and exciting. If travel isn't your thing, there is a lot to do in Odenton: recreational parks, libraries, and shopping outlets, you'll never get bored at your new home.

Becoming an Odenton homeowner is exciting and easy

Low median costs and many agents to choose from make this process simple

The market in Odenton is hot right now! Seller's are looking to capitalize on the large number of people looking to move here! There are a great deal of homes in the market and the time to buy is now. Although the real estate agents in Odenton are many, there are still so many websites to visit, prices to compare, and homes to see. Although it may be easy, it might not always be efficient. Earnest makes it easier to find the home of your dreams for a price that seems out of a dream! They help you specify your desires from Odenton, commute, schooling, walkability, public transportation, etc. in order to prioritize what Odenton can offer you! With a very reasonable average home value of $294,000 living in Odenton is not only affordable but comes with many amenities that you can enjoy year round.

Common Questions About Buying a Home in Odenton

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.