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Considering settling down in Brooksville, Florida?

Brooksville is located about 67 miles from Orlando and 50 miles from Tampa (roughly an hour’s drive away). Spread over five square miles, it is home to 7,778 residents (as of 2014). According to listings on Zillow, a three-bedroom 1,900 square-foot home can be had for less than $190,000. If you would like something larger, a high end 2800 square-foot home located on a gated residential community would cost about $389,000 on average
A residential house with a large yard in northern Florida

Living in Brooksville in pleasant

Living in Brooksville in pleasant

There are plenty of things to do in Brooksville. You could visit the 40,000-acre Withlacoochee State Forest for an experience of the great outdoors, swing by Boyett’s Grove to view some zoo animals. The grove is actually an operational citrus packing plant, and you could see firsthand how it operates. Sweetfields Farm gives you a chance to taste rural life on a farm. The 1885 Russell Street Train Depot is all that remains of the Brooksville station on the line. It is now a well-maintained museum, and an authentic car can still be seen on the rails. If you like golf, the World Woods Golf Club is a must-visit – it features two challenging 18-hole courses, replete with sandtraps et al. It was named Best in the State of Florida by Golf Digest, which also ranked it among America’s 100 Greatest Public Access Golf Courses.
A residential house with a large yard in northern Florida
Happy couple in white shirts standing at beach

Buy a home in Brooksville

Earnest makes it an easy process

Owning a home in Brooksville can be a smooth experience. Earnest not only offers you low rates, but also pre-approves your mortgage. This means that you can look specifically at homes that you qualify for. You could enlist the services of a professional real estate agent or do it yourself. When you drive around Brooksville, you will understand why it is such a charming city. Several private and public elementary, middle and high schools serve PreK-12 education needs. The Heritage Museum here focuses on the history of Brooksville. This is actually a three-storied house that contains Victorian items from the 19th century. It was used by a doctor as a hospital during WWI, so a communications rooms with a switchboard and old telephones can also be seen, in addition to medical and surgical equipment.
Happy couple in white shirts standing at beach

Common Questions About Buying a Home in Brooksville

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.