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Buying a Home in Eustis, Florida? Start Here!

Eustis is situated in Lake County in Florida and has a total population of 18, 920. The average home value stands at $117,000. Residents trend older, but young families moving here recently have brought some fresh life into town. There has been a consistent increase in the median home prices in Eustis over the years. This means that purchasing a home in the city would be an intelligent and lucrative investment. With Earnest home loans, property buying in Eustis can be an easy and quick task!
Traditional style house in rural country setting

Main Attractions in Eustis, Florida

Watch beautiful sunsets and explore the history of Eustis

Eustis is home to plenty of exciting places so you can never get bored living in this city. Some of the most popular attractions include the Ferran Park (situated on a beautiful lake), Clifford House, Trout Lake Nature Center, The Historic State Theater, Black Bear Golf Club and the Lake Eustis Museum of Art among others. The Ferran Park is particularly famous because it offers fantastic views of the sunset and is the ideal place to relax and unwind. The park hosts numerous festivals each year including a folk festival, music festival, art shows etc. The park is also surrounded by some brilliant restaurants serving delicious food! Some of the popular restaurants in the city include 1884 Restaurant and Bar, Oakwood Smokehouse & Grill, Barnwood Bar-B-Que, Tony's Pizza & Subs and Stavro's & Sons.
Traditional style house in rural country setting
Young family is having a great time playing on a beach with their toddler son.

Eustis- a great city for your children too!

Educate your children in some of the top-rated schools of Eustis

Even though the chunk of the population (62%) might not have been educated in the city, but it does hold high-school diplomas. Further, 11% have a college degree and 8% have completed a post-graduate program. This makes Eustis a city which is quite well-educated with a good academic environment for children’s growth and development. At present, Eustis has 35 public elementary schools (within the Lake District) and 42 middle schools. In addition to this, it is also home to 21 high schools and has an enrollment of approximately 3,430 students in its public schools. Besides this there are also 30 private elementary schools, 19 private high schools and 32 private middle schools located close to Eustis (within 20 miles).
Young family is having a great time playing on a beach with their toddler son.

Common Questions About Buying a Home in Eustis

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.