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Your Trappe homebuying process starts here

A small town near the eastern shore of Maryland, Trappe is perfect for homeowners looking for a quiet town with scenic views. Perfect for outdoor lovers and history buffs alike, Trappe features two registered historic sites. Enjoy the great local parks and water for hikes, paddle boarding, or just to relax on the shore. So whether you're a retiree looking to settle down or a family looking for a first home, start your Trappe home search today.

Maryland's best kept secret

A small town with beautiful waterfront views

Right on the coast of Maryland, Trappe is the perfect town for homebuyers that want a quiet, safe, and scenic community. A classic small town, Trappe features great local businesses and restaurants that will make residents want to support the local economy. And, there is a strong local government for the town to unite around and support. For families, Trappe only has a local elementary school. However, there are nearby middle and high schools in the neighboring towns so you are never too far from a quality public school. But best of all, Trappe offers great outdoor activities and beautiful views from the local parks or coast. While the average age in Trappe is 49, with the many nearby schools there is really a wide range of ages in and around Trappe.

Trappe homebuying has never been so streamlined

A simple application makes homebuying easy

Finding your dream home in Trappe may sound easier than it really is. While there are a lot of great properties available, comparing different websites, neighborhoods and prices, all while competing with other buyers, can make buying a home a second job. Thankfully, Earnest is here to help you identify what you want in a home (size, location, walkability, proximity to the water, etc.) and then help figure out what you can actually afford in a home. With Trappe's median home sale prices at $210,000 in November 2016, according to Trulia, now is the time to buy a home in this great community!

Common Questions About Buying a Home in Trappe

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.