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Earnest wants to help you buy a house in Rosedale

Rosedale sits just outside of Baltimore, a great location for those who want access to Maryland's best metropolitan areas. Homeownership in Rosedale is perfect for anyone who wants to be in the hustle of city life. It has a large, diverse population with lots of interesting people to meet. The climate in Rosedale is the classic east coast cloudy yet temperate. It's perfect for those of us who love spending time outdoors and then seeking warmth from the comfort of our newly purchased homes!

Rosedale is the education location

Looking for a location by some of the best universities? Look no further

Rosedale is located in a dense area with a large amount of secondary schools surrounding it! Although only 17.4% of Rosedale residents have gotten a bachelor's degree or higher, you could help increase that statistic! There are seven renowned universities that are all within a close proximity to Rosedale, most notably Loyola University of Maryland and Johns Hopkins University! The locations of these universities will ensure that your Rosedale experience is filled with continued learning through some of the United State's top schools. This is also a great amenity to keep in mind if you are a parent considering your child's future!

Family-friendly fun! Attractions in Rosedale!

You'll never run out of fun things to do in this town

Buying a home in Rosedale means never being bored. There are countless activities to do when you move to Rosedale. Although this city isn't very walkable, there is access to two public transportation stops only six miles and 14 miles from the city center. No fear if you don't have access to a car to public transportation, Rosedale has one care share option using RelayRides! This means that no matter what, you will have access to the 59 different restaurants, bars, coffee shops, leisure parks, and shopping in Rosedale! Not to mention, most notably, access to KimsKrypt! KimsKrypt is Baltimore's most unique arcade and amusement attraction that is sure to be fun for all! Don't miss out on all of the things that Rosedale has to offer.

Common Questions About Buying a Home in Rosedale

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.