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Find your new home in Sparrows Point

Life in Sparrows Point is like life on an island right next to the big city. As an unincorporated community, homeowners in Sparrows Point are governed by the county. Enjoy the breathtaking ocean views, or access to all of your other needs in the urban center just 15 miles away. Whether you're a commuter or simply want to enjoy the beauty of the Bay Area, Sparrows Point is the place for you. And, investing in Sparrows Point is a great decision—homes here are only increasing in value.

See the deals you can get in Sparrows Point

Let the great views and low rates draw you in

Since its origin as a shipyard, the small town of Sparrows Point has blossomed into a pleasant and cozy town with much to do within its 8 square miles. As an extension of Edgemere, Sparrows Point residents have access to many local schools and hospitals, and the commute to the neighboring towns of Dundalk, Fort Howard or Essex is just a few minutes long. Baltimore is close, too, at just a half an hour drive or ride on public transit. In the past few years, the population has steadily grown as well, so now there are over 9,300 residents living here. The peninsula is accessible by boat or car, and many people like to take advantage of the proximity to the marsh and bay from their waterfront property. As a resident of Sparrows Point, you'll have all this and more right at your fingertips.

Your new home is just a few steps away

Invest in Sparrows Point without any doubts

If the appeal of a bayside life within reach of Baltimore calls out to you, Sparrows Point is a great place to become a homeowner. However, if you've begun the process of searching, you know that it involves many details you couldn't foresee. Aside from the price, there’s market consistency, mortgage rates, location, neighborhoods, and other must-haves like schools and health systems as well. Here at Earnest, we take all of these factors into account as we analyze your financial capabilities and compare them to the potential houses on sale in the town of your choice. Sparrows Point, with its low rates and beautiful vistas, should be high on your list. We can guide you through the steps, so you can purchase a new house with all of the right information. Let Earnest help you make Sparrows Point your new home.

Common Questions About Buying a Home in Sparrows Point

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.