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Joining the Taneytown community

Taneytown is a medium-sized town located in northern Maryland. Founded in 1754, this town has much to offer its residents. Try some pizza at the local "No Anchovies Pizza" spot, or take a walk in one of Taneytown's seven park and recreation centers. History buffs are invited to visit the Taneytown History Museum or the Antietam National Battlefield. Surrounded by four airports, the urban town also makes traveling easy. Therefore, there's something here for everyone to be happy.

What to know before moving to Taneytown

Access to big cities and small airports made easy

Located in Carroll County, Taneytown is a beautiful town rich with history. Just 50 minutes away from Baltimore, it also provides easy access to big city adventures for singles, families, and schools. With striking country landscapes, Taneytown is more urban than one would think. There are a number of restaurants, hotels, and attractions for both newcomers and tourists. The small town also makes travelling a breeze. Whether you're trying to catch a flight or go to a new city closeby, Taneystown makes it possible. Besides having a short commute to Baltimore, the town is also an hour and a half away from Washington D.C, and 20 minutes from Gettysburg, PA. Looking to travel further? There are four airports all within a close commute. And since they are smaller, prices are bound to be cheaper.

Taneytown: A top spot for history buffs

A city filled with a rich history

Founded in 1754, the town takes its name from Raphael Taney, a recipient of one of the first land grants in the area and a U.S. Supreme Court Chief Justice. According to the town website, the city was inhabited by Native Americans. Before the new settlers came, however, most of the Native Americans had relocated to the South Mountain in Cumberland Valley. Because of this, many of the locations in the city remain incredibly historic. So much so, that a lot of the town was added to the National Register of Historic Places in 1986 as the Taneytown Historic District. Some of the historic landmarks include Catoctin Mountain National park, the National Shrine of Mother Seton, and more.

Common Questions About Buying a Home in Taneytown

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.