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Finance a Glenn Dale home, free of trouble

Now is the best time to buy a home in Prince George's County. According to Zillow, the median price of a home in Saint Leonard is nearly $119,900 more than the state average of a home in Maryland. This means that the value of a home in the area is remarkable. Saint Leonard has something to offer all potential buyers. Be sure to use the Earnest loan calculator in your search for an affordable home.

Affordable properties you will love

Glenn Dale awaits you with open arms

The median listing price of a Glenn Dale home is $385,300, according to Zillow.com. In just the past year, the value of a home in Glenn Dale has increased by 5.6 percent. This figure is expected to increase by 3.4 percent over the next year, making now the right time to invest in the area. The average income of a Glenn Dale household has increased tremendously in the last fifteen years, meaning the area's economy is healthy. The median household income in Glenn Dale was $334,232 in 2013, according to city data. This is a $136,832 increase from what it was in the year 2000. Most residents get around via car. Low crime rates and a steady economy make the area an excellent place to raise children. Earnest makes it easy to call Glenn Dale home. Find a home that works with your budget and household size today.

Your dream home is closer than you think

Investing made easy with Earnest

Looking to settle down in a town with world-class golf, cultural and architectural history, and easy access to outdoor activities? Look no further than Glenn Dale, MD. The best way to begin your search is with our easy-to-use loan calculator. Don't be caught off-guard when starting your homebuying experience. It's important to understand your financial situation so you can focus on what's important. Always work closely with your realtor when inquiring about properties, making sure to determine quickly if there are any unknown quirks. Let the trusted experts at Earnest facilitate your homebuying process and enable you to gain useful insight about what loan amounts are right for you.

Common Questions About Glenn Dale 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.