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Fulfill your east coast fantasy in Chaptico

Chaptico is an unincorporated town in St. Mary's County in Maryland. Home to a number of registered historic sites and surrounded by beautiful forestry and water, life in Chaptico is a dream location for the history buff or nature lover—at a dream price. Whether you're looking to raise a family or live out your retirement in ease, a Chaptico home has something to offer to every homebuyer.

Heart, history, and beautiful homes

Chaptico has it all

With a number of locations listed on the National Register of Historic Places, Chaptico is a relatively small community that is positively bursting with character, history, and intrigue. Properties such as the historic Deep Falls home and Christ Episcopal Church offer a rich historical tapestry sure to enchant and interest anyone who visits. There are also a number of raceways nearby for the motorsport enthusiast and golfers will appreciate that Wicomico Shores golf course is within easy reach as well. The cost of living index for the area is below the national average but the homes and location are breathtaking, making the decision to buy a home in Chaptico a smart one indeed. Surrounded by beautiful scenery and located on the Chaptico Run near the Wicomico River, this city has something to offer to everyone.

Helping you call Chaptico home

Earnest makes homebuying easy

Though many of Chaptico's historical properties haven't changed over the years, the process of buying a home definitely has. In the modern age, it can be exhausting to sift through the countless websites claiming they know what's best for you and your family. Earnest is prepared to make this process as easy as possible by working with you to identify your priorities and price range so that you can find the home of your dreams at a price that feels like a dream. If you are interested in refinancing, Earnest is here for you as well. If the kids are off to college soon or you've finally decided on that kitchen renovation you've always talked about, refinancing will free up cash to make those things happen. So, whether you're interested in changing your mortgage terms or looking to find your first property, we can help you.

Common Questions About Buying a Home in Chaptico

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.