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Hydes has something for everyone

Mortgage rates are at an all-time low in the United States and Hydes is no exception. If you are looking to invest in a home that allows you and your family to grow, this area is perfect to consider. The average mortgage rate is 4.15 percent, making now a great time to buy a home. Whether you are looking for a new home or want to build, Hydes offers something for you. Put that all together with the convenience of an easy commute to Baltimore and you've got a great place to live.

Build your dream in the heart of Baltimore County

Earnest is here to help you find your dream home in Hydes

Hydes, Maryland is rich in luscious land plots that make it the perfect place to build single-family homes. This area is ideal for both new families and established families who are looking to live a small-town lifestyle but still want a place that has a lot to offer. The majority of homes for sale in the area are beautiful farm-style homes with open-floor layouts and lots of land for you and your family to enjoy. According to Zillow, the home values in Hydes range from $300,000—$400,000, allowing you to live large and get more value for your money than you would in denser suburbs or bigger cities.

Get the perfect home loan for a house in Hydes

Don't let the home buying process cause you stress—let Earnest help

Hydes is a place that values both its community and history. This area is a great investment, a great place for your family and a great place to start a life. If you are set on moving to this wonderful area, let Earnest make sure that happens. For this exciting time in your life, let us help the process run smoothly and hassle-free. We'll start the home searching process for you and even give you access to a loan calculator so you can find a place that fits within your spending budget. Interested in refinancing your current home? Earnest can help there as well. Refinancing can free up cash for major expenses such as tuition or home improvements. Whether you are a new homebuyer or looking to change your terms, don't wait another day to get the ball rolling on achieving your dreams now.

Common Questions About Hydes 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.