Alert Message

Find your waterfront home in Tracys Landing

Located in Anne Arundel County, MD, Tracys Landing consists mostly of colonial and traditional style homes built near Herring Bay. This area is perfect for those looking for a location near the water and provide options both on the waterfront or within a minute's drive. Boasting large lush yards, Tracys Landing is perfect for those looking to settle down, relax, and enjoy nature.

Foreclosures mean more opportunities

Build your dream home in your dream location

Currently, there are multiple foreclosures and preforeclosures for sale on real estate sites like Trulia and Zillow. This is a benefit for consumers in multiple ways. As foreclosures continue, more properties will be available to those looking to flip and build their own dream homes on a beautiful property in a safe neighborhood. Always wanted a wrap-around porch? Blue shutters? Tracys Landing can make it happen. For those who find the perfect home, the current foreclosures are making median sale values at an all-time low before next year's' projected increase of 2.6 percent.

Tracys Landing is perfect for active families

Yacht clubs and low crime: What more could you ask for?

Tracys Landing provides safe and fun family activities for everyone. According to Trulia, the city is extremely safe. The area is also home to the Herring Bay Yacht Club, a strong community presence that offers boating, sea-safety practices, land events, and cruise events throughout the year. Overall, Tracys Landing offers entertaining events all year round—despite the weather—in order to create a strong community relationship.

Common Questions About Buying a Home in Tracys Landing

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.