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Finance a Belcamp home without the stress

Now is the ideal time to buy a home in Harford County. Prices are lower than the Baltimore Metro average and the town has something to offer all potential buyers.

Affordable Belcamp properties you will love

Welcome to your next home

The median list price per square foot in Harford County is $155, according to Zillow.com. This is lower than the Baltimore Metro average by by $14 per square foot. On average, the median price of home in the county is $259,900. This is less than the Maryland state average by $5,500, meaning that now is the best time to purchase a home in the area. House values in Harford County have increased in the last fifteen years, which signals that the economy in the area is stimulated and healthy. Most residents get around the area by car. Low crime rates and a steady economy make the area an excellent place to raise children. Find a home that works with your budget and household size today.

Hartford county welcomes you

Earnest takes the hassle out of purchasing a home

Belcamp, MD is a small town community offering a bit of everything. With easy access to nature, nearby towns, and fine wining and dining, it's sure to please everyone in the family. Earnest can help begin the home buying process and make the experience hassle-free. Take out the initial stress of purchasing a home by using our easy-to-use loan calculator to determine what's best for you. When searching for properties, make sure to work with your realtor to find any potential discounts or quirks of certain homes.

Common Questions About Belcamp 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.