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Low rates for Harmans homes

Harmans is a dense suburb located just outside of thriving Baltimore. With close proximity to both the state's largest mall and the abundant wildlife reserves and parks in the area, Harmans is really the best of both worlds. Enjoy a traditional suburban lifestyle without sacrificing access to all of the city's best and brightest amenities like the restaurant scene, nightlife, and booming entertainment.

Rural meets urban in Harmans

Enjoy the perks of suburban living right outside of Baltimore

Single-family homes abound in Harmans. Many of the homes are large and newly developed, with many freestanding and townhomes available. Because of its proximity to Baltimore, real estate in this neighborhood is not cheap; access to the city's attractions causes prices to climb. Whether you are looking for a home with a sprawling yard or a low-maintenance condo or townhouse, Harmans has what you are looking for. With its wealth of newly constructed homes, the Harmans housing market offers low-maintenance opportunities to take advantage of the nearby attractions, like the mall, airport, restaurants, and shops. Harmans offers easy access to work in the city, a short drive away from outdoor activities, but with all of the conveniences of an urban life.

Mortgage rates in Harmans

Find a low interest loan for first-time buyers and refinancers

Don't let finding a new home make you anxious. The process can be intimidating but take it one step at a time and, before you know it, you'll have found your dream home. The first step is nailing down a budget for your search. Let Earnest help. With many new homes and a lot of new construction in the area, Harmans is the perfect place to start your search. Earnest is here to make sure you get the best possible interest rate on your mortgage. They will evaluate and assist first-time homeowners and people looking to refinance. Secure your low rate today to start the process of finding your perfect home.

Common Questions About Harmans Mortgage Rates

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.