Alert Message

Severn, Maryland, has a new house for you

In Severn, you'll have every amenity you could need right at your fingertips. The area is the perfect combination of city meets suburb, with many restaurants, grocery stores, cafes, and bars just a few minutes’ walk away at far lower prices. Both Columbia and Baltimore are also within 12 miles, so you will be able to get into the city with ease. The houses are spacious and elegant, and the neighborhoods are beautiful. Severn has a home for you.

Love your Severn home—and its price tag

Invest in a life here, and you'll feel right at home

In the past 16 years, the population of Severn, Maryland, has increased by 26 percent, numbering today at just over 44,230. This growth is a reflection of all that Severn has to offer: With its great location, popular local hot spots, and easy access to public transit and East Coast interstates, you could hardly find a better place to settle as a commuter. Columbia, Maryland, is only 10 miles away, and Baltimore just 12. The towns of Fort Meade, South Gate, Georgetown, and Odenton are a mere 2 miles from the Severn area—and from any part of town, there are good public schools and hospitals available. Furthermore, Severn houses are stunning, with ample space for you and your family both inside and out. Home prices remain lower than the surrounding areas, so you'll be getting a great deal to boot.

A home in Severn can be yours with Earnest

Find high-value homes for low market prices

As a potential homeowner, you have a lot of factors to consider before you can make a purchase. You likely have a list of qualities you're searching for in your new home, but meeting these desires with reality can feel like an impossibility. At Earnest, we take more than just your finances into account when helping you find your perfect house. We look at your credit score and financial capabilities and line those up with your checklist, and with the guidance of our experienced analysts, you know you'll be in good hands. Severn, with its convenient location and friendly atmosphere, could be just what you're looking for. Let Earnest help you find a Severn home and make an informed investment today. You'll be thrilled with your new purchase.

Common Questions About Severn 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

People around a computer

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.