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Sun all year round in Lake Wales

Located in Polk County in Florida, it is part of the Lakeland–Winter Haven metropolitan area and offers perfect weather. Similar to its namesake, the city is filled with lakes and smaller water bodies. It is named after the lake that it was built on. The first community was built by Allen Carleton Nydegger and his crew. It was incorporated in 1917 and now has a population of nearly 15,000 people. The city now has a variety of local attractions that are visited by residents and tourists alike.
Historic downtown business storefronts on a city block in Jacksonville, Florida.

Lake Wales is perfect for nature lovers

No sand but lots of sun at Lake Wales

Surrounded by nature on all side, Lake Wales is the perfect place for those looking to live a quiet life. Don’t mistake quiet for boring however, as the city has a ton of activities to indulge in. In addition to the nature-based attractions like the lakes and the reserves, the city has historic ones as well. The center of the city still contains buildings that have 1920s architecture which are a sight for sore eyes. The Shrine of St Anne Dess Lacs is another historic monument worth looking at. Weather in the city is almost always sunny with a light breeze present to keep residents cool. There is barely any pollution in the air as evidenced by the fact that the city has 96% better than the national average on the pollution index. There are 12 schools in the area and most of the population have completed high school.
Historic downtown business storefronts on a city block in Jacksonville, Florida.
The dynamic Miami skyline at night and a couple of palm trees.

Lake Wales has different kinds of homes to offer

Get help with home buying with Earnest

Lake Wales is a very affordable city to live in. The median home price is lower than the state and national average and currently stands at $108,300. Even though that rate seems cheap, home buyers know that it is a serious investment. Many buyers are also unwilling to put the effort in do the research and just go for the first decent home that pops up. To avoid these mistakes, buyers can get Earnest’s assistance by completing a simple online application form. These application forms collect basic data about the buyers. Our metrics kick in to find a buyer’s ideal price range and neighborhoods before suggesting suitable homes for purchase. Once buyers have their eyes on their dream home, the one thing that always stops them is their financial situation. At Earnest, we combat this by offering the good mortgages and re-financing options.
The dynamic Miami skyline at night and a couple of palm trees.

Common Questions About Buying a Home in Lake Wales

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.