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Find your dream home in Owings Mills

Find the home you've always wanted out in the middle of nature in Owings Mills, Maryland. Owings Mills is a suburb of the city of Baltimore and is located just a few hours from Washington D.C. It's no surprise that said Owings Mills as 49 on the "100 Best Places to Live and Launch" as there are plenty of opportunities for business in this town. From small homes to apartments to large sprawling homes, you will find the perfect home for your personal preferences in Owings Mills!

Find your thirll in Owings Mills

From going on hikes to going to museums, Owings Mills has so much to do

There are so many exciting things to do in Owings Mills. Museums, hikes and spas are just a few of the places you can enjoy in the area. The school district is part of the Baltimore County Public School System, although there are many private school options in the area as well. Owings Mills has a population of 30,622 so it is not a largely populated town, which is great when you want to live in an area close to nature and further from the metropolitan areas of Baltimore and Washington D.C.

Your next home is waiting for you in Owings Mills

Earnest can help your transition to your new home in Owings Mills

House hunting and finding loans can be a long and tedious process, whether you've done it before or not. Earnest helps make this process more easy going. According to Zillow, the market prices for Owings Mills are supposed to rise 2.1 percent in the next year, even though they've already risen 3.5 percent in the past year. The current median home price listing in Owings Mills is $239,300, making it an affordable location for single family homes and singles too!

Common Questions About Buying a Home in Owings Mills

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.