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Buying your home in Sykesville begins here

In the heart of Carroll County, Maryland, you can find the small town of Sykesville. The town was originally part of the Springfield Estate owned by William Patterson. With just two thousand housing units, a home in Sykesville is truly one-of-a-kind. And with the market favoring buyers, now is the time to invest in a beautiful new nest. Let Earnest find the home loan for you.

Escape to Sykesville

Beautiful homes at affordable prices

In southern Carroll County, Sykesville is the perfect combination of town and country. A limited number of housing units means that each home is unique, and the small population (4,412) makes it possible to really get to know your neighbors. Sykesville offers 11 highly rated schools from preschool to high school and a safe neighborhood for children to learn and play. With 94 percent of residents owning their home, this stable environment is the perfect place to settle down.

Find your new home in Sykesville

From mortgage to move-in, Earnest makes homebuying easy

Buying a home is an exciting--but overwhelming--experience. With so many options out there, and so much information required, it can be tough to figure out what's best for you. Earnest can help you identify your top priorities and analyze your personal financial profile to determine your target home price. With homes listed at a median price of $420,000 (an average of $228 per square foot), you can expect a lot for your dollar in Sykesville. Let Earnest help you make it happen.

Common Questions About Buying a Home in Sykesville

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.