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Budget homes in affordable Haines City

Haines City is located in the Tampa Bay area and it enjoys Florida’s all year around warm climate- the aspect that makes the city a great favorite for the older generation.The place is closer to Orlando than Tampa Bay though, and this is good for the younger generation and for families with young children. Scoring a 74 on the Area Vibes livability score card, Haines City is definitely a good spot to buy your dream home in, especially if you want fun and a good climate – all in your new home.
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What is special about Haines City?

Great amenities, good for families, career oriented young professionals

Access to a reputed health care facility is not Haines City’s only claim to glory. It offers easy access to a variety of water sports, has climate that makes for perfect all- year- round hiking, trekking, camping activities. Haines City is also a popular retirement destination alongside many other Orlando- Tampa Bay area spots because of its hearteningly low cost of living, over 11% lower than the U.S. average. Haines City’s easy access to both Orlando and Tampa Bay allow residents to explore a variety of employment opportunities at many well- known businesses in both these locations.Of course, for families with young kids, the single biggest attraction in Haines City will be its closeness to Disney World but it is not all just fun and games here because the location is a practical choice for professionals and families alike.
Palm tree reflection in a corporate building.

Why you should invest in Haines City now?

Analysts predict a further rise in home prices over the next year

The average home value in Haines City stands at $ 147,500 according to Zillow. Prices have risen dramatically by 8% over the past year, showing that demand is burgeoning in this location. But home buyers need not worry about saturation because market analysts believe there is still scope for value growth. In fact, they predict a 6% increase in average home prices over the coming year. The expectation of improvements indicates that Haines City homes are good investments indeed. The proximity to a popular tourist destination, Orlando, with a flourishing economy makes Haines City a great place to buy into. Now, identifying the home that matches your needs perfectly is no hassle either with Earnest’s experts lending you a professional hand.Talk to us about your needs and we will find your dream Haines City home for you!

Common Questions About Buying a Home in Haines City

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.