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Call Sandy Spring home

Sandy Spring is a small town located about fifteen miles west of Baltimore boasting beautiful homes at various prices. Each home is tailored towards a specific buyer offering numerous opportunities to find your dream home. The median home ranges well above $600,000 making Sandy Spring a town geared towards the retired couple or young professionals. With many beautiful parks and manicured gardens, Sandy Spring is perfect for the homebuyer with the money to spend on his dream home.

Plenty of fun in Sandy Spring

Visit a museum or an adventure park

Sandy Spring offers numerous recreational activities, parks, and opportunities for fun. Creating your memory book living in Sandy Spring can begin in the town of Baltimore, only fifteen minutes away. You have everything from the Maryland Zoo in Baltimore to Horseshoe Casino. These are only some of the many fun opportunities near Sandy Springs. Right in the town of Sandy Spring, you can visit the Sandy Spring Museum—a community-active museum geared towards hosting programs created by the people of Sandy Spring. What a better welcome than to know that your voice matters. Many of the schools in Sandy Spring are above average, making this the perfect place to settle down with kids. Whether you are in your golden years and desiring to live outside the city or affluent and ready to settle down, Sandy Spring has it all.

Small town feel with a lot to do

Sandy Spring can be your home sooner than you think

Sandy Spring offers plenty of home buying opportunities for the homebuyer looking to live away from the city but who also wants access to amenities. It is located close to the hustle and bustle of Baltimore while being far enough away to offer the peaceful living and convenience of a small town. Everything is nearby, yet there are still plenty of outdoor spaces and landscapes for you to explore and enjoy. The median home price in Sandy Spring is $950,000 making it a higher-end community to live in, geared towards the buyer with a more expansive budget. Earnest can help make your luxury home needs come true. Trust Earnest.

Common Questions About Buying a Home in Sandy Spring

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.