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Find your new home in Towson

Towson homes are distinct and come in a variety of styles, but they are all situated in a gorgeous rural area. You won't regret moving to this small town just outside of Baltimore when you realize how amazing the community is! Located near Towson College, this area provides a variety of housing options. Whether you are a student or a family looking for a home, Earnest can help you along the way.

Your perfect community awaits you in Towson

Find the community that best fits your needs

Towson homes are divided into distinct neighborhoods that can fit anyone's lifestyle. Whether you're looking for a centrally located neighborhood full of history (such as Anneslie) or an area with plenty of land (such as Campus Hills Community), Towson is open to all types of living. Towson also has apartments, small homes, and family-sized homes to suit a variety of needs. The neighborhood attributes are all that anyone could want for their home to be surrounded by—and local bus lines make transportation easy even if you don't have a car.

Keep everybody entertained with a home in Towson

There's lots to discover and experience

Towson is full of small-town entertainment. Adults can enjoy wine tastings or a tour of the city, while kids and adventurers can explore the nearby Shenandoah Caverns. The Maryland Zoo located just outside of Baltimore is also lots of fun. If you're more of the outdoorsy type, Towson is close to the beautiful Lake Roland, offering water sports, a dog park, trails, and pavilions to snack under. Towson is also an easy place to travel to: Use the light rail system to get to downtown Baltimore or BWI without having to deal with traffic. Location is key when determining where to invest, so don't wait. Towson properties are extremely popular, and anything on the market is likely to go quickly.

Common Questions About Buying a Home in Towson

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.