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Start your search for a Perry Hall home here

A mere 30 minutes from Baltimore, Perry Hall is the ideal suburb for families. Perry Hall is a strong community focused on improving the town and all of its amenities. Most recently, the Perry Hall Improvement Association (PHIA) has begun work on a new public library and several new public parks. With traditional family homes and townhouses and a plethora of local public schools, Perry Hall is the complete community.

Perry Hall is the idyllic suburb

History, community, and nature combined

Only a short drive from Baltimore, Perry Hall offers all of the attributes perfect for commuters looking to raise their family outside of the city. With help from the improvement association (PHIA), Perry Hall is on its way to becoming one of Maryland's most desirable neighborhoods. Home to Perry Hall Mansion, a historic home dating back to the 18th century, Perry Hall proves itself a place based on history and community. The PHIA has been working hard to restore this registered historic site. New public parks are also nearing completion, great for fitness and outdoor lovers. A medium-sized town, Perry Hall is home to over 28,000 people, with the majority falling between the ages of 18-65. This points to a community of people who are starting their lives in Perry Hall and plan to stay for years to come.

Move in faster to Perry Hall with Earnest

Ease the homebuying process with Earnest

Trying to find your home in Perry Hall can be equally exciting and stressful. Figuring out what you want and what you can afford, all while jumping through the hoops of loans, mortgage rates, and applications, is exhausting. But with Earnest, it doesn't have to be like that. Earnest can help make your dream home yours with as few headaches as possible. At a median sales price of $259,000, Perry Hall is extremely affordable right now, especially considering the new town improvements and existing local amenities.

Common Questions About Buying a Home in Perry Hall

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.