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Mortgage rates to fulfill your dreams

Chaptico mortgage rates are hovering at a reasonable rate and that allows homebuyers from all walks of life to settle down in this beautiful community. Surrounded by nature, awash in history and amidst the breathtaking scenery of St. Mary's County, Chaptico may seem like a homeowner's dream, but these rates are a reality.

Recreation and fun for all

Parks, museums, golf, and more

Chaptico has something to offer everyone, regardless of his or her recreational tastes. Packed with historical sites and museums, breathtaking parks, and unique shopping experiences similar to the ones offered in historic, nearby Leonardtown, the variety of a Chaptico homeownership experience just can't be beat. Moreover, the median house price in Chaptico is lower than the state average, which means you have an even better opportunity to embrace gorgeous Maryland coast living at an affordable price. The length of time residents stay in Chaptico after moving in also surpasses the state average, which would indicate that those who come to this town find plenty of reasons to stay and settle in long-term to enjoy everything it has to offer.

Chaptico's best home loan

Low rates and a seamless process

Looking to buy a new home? Chaptico's beautiful location and ample recreational opportunities make it an excellent choice for your next home. The first step to making your Maryland coast living dream a reality is securing a home loan. Mortgage rates in the Chaptico area are currently at about 4 percent but can be influenced by a variety of factors. We encourage you to check with your realtor about any discounts that you may be eligible for. When you're preapproved for a loan and the time comes to leap into a new chapter of your life, Earnest is here to help by making the process as painless as possible. If you're looking to refinance your existing home you might be familiar with the steps already—but Earnest can help simplify things further so that you can free up funds for additional projects and activities even sooner.

Common Questions About Chaptico 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.