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Your perfect home awaits in Reisterstown

With median prices at $329,433, homes in Reisterstown, Maryland, are a steal. Reisterstown is also unique in that areas surrounding it have median home prices closer to $500,000. So you shouldn't wait any longer to find your next home!

Reisterstown: conveniently located near Baltimore

Enjoy visiting the city without having to worry about expenses

Enjoy the benefits of living near Baltimore without the hassle of living in a large city! When you do want to venture into the city, your commute could be as short as 30 minutes. Reisterstown is right on I-795, which means driving anywhere south—such as Baltimore—is a breeze. Even if you like venturing into Baltimore, there is no need to deal with the inflated prices of the city and traffic. Get the best of both worlds with a home in Reisterstown. As far as attractions go, Reisterstown residents enjoy the Baltimore County public libraries and the many museums, aquariums, and shopping centers located in Baltimore. There are many different types of homes available for purchase in Reisterstown, and they're all available at a much better price.

Your family's next home is in Reisterstown

Take advantage of excellent local schools

Home to both public and private schools, Reisterstown has plenty of choices for any family! With plenty of elementary, middle, and high schools like Franklin Elementary and Middle School, this area is perfect for raising a family. You'll feel comfortable sending your kids to small, highly ranked schools where you know everybody. And with its proximity to Baltimore, there's no end to your options. Reisterstown, unfortunately, is not especially walkable—but all that means is that you'll need your own car for the majority of your errands.

Common Questions About Buying a Home in Reisterstown

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.