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Deland has exciting art and historical sites

Deland is known for its lively downtown area and historical museums. The city is also home to a number of notable art museums. According to Zillow, average home values in the Deland area comes to around $150,100. The city has the standard bouquet of apartments starting from the economically priced studio flat to expensive five bedrooms penthouses. Among houses, inventory runs from modest ranchers house to federalist triplexes.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background

Deland is a county seat with lots of culture

It is the perfect place to explore antique shops, restaurants and galleries

Conveniently located near to Orlando or Daytona Beach, Deland can hold its own when it comes to attractions. The city has a number of art museums, including Museum of Florida Art and African American Museum of the Arts. Visitors can enter the latter for free between 10am to 4pm, from Thursday to Saturday. Deland is also home to Stetson University, the oldest private university in the state. It finds a mention in the National Register of Historic Places and visitors can enter the campus to drop in to Gillespie Museum. This museum opens its diirs during fall semester and spring semester Tuesday to Friday. Downtown Deland is a lively area with a number of antique shops, coffee shops and galleries. Of particular mention is Boston Coffeehouse. Patrons can enjoy specialty foods and drinks.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background
Couple laying on a beach. Blue sky in the background.

Purchasing your Deland home is a walk in the park

You will be helped not only to find your dream home, but also to buy it

Purchasing a property is one of the most important investments in anyone's life. You should consider a number of factors before you select a particular property. You will have to sift through a number of properties situated in different locations prior to narrowing down the list. Earnest can assist you in this regard by doing a thorough analysis of both your personal priorities and financial position. These will include the property's proximity to public transport, healthcare and even nightlife. The provided information will be analyzed and a list of potential neighborhoods and ideal price range presented. Your search will be narrowed down and you can move into your property quicker. The ultimate result will be a property that is perfect for you.
Couple laying on a beach. Blue sky in the background.

Common Questions About Buying a Home in Deland

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.