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Lutz is a quaint and beautiful city in Florida

Lutz's beginnings involved the construction of a train depot on Tampa Northern Railroad line. The city was named after W.P Lutz, the person who brought the railroads to the area. According to Zillow, the average home value comes to $247,100. Home types start from the basic and most economical single family homes and property prices reach their maximum when one opts to buy triplexes. Apartments start from the no frills studio apartments and peaks at five or more bedrooms.
Historic downtown business storefronts on a city block in Jacksonville, Florida.

Lutz's history is entwined with the Tampa railroad

Fun fact, it was the filming location for Edward Scissorhands

The history of Lutz started with construction of a train depot on Tampa Northern Railroad line. The surrounding area was given the Lutz name after W.P Lutz, the person responsible for bringing the trains to town. The establishment of US Postal Service formalized the name. With the growth of the settlement, Lutz slowly became independent of the “Lutz Junction”. The historical structure was demolished during the late 1960s. Lutz earned its period of fame when the town was chosen as the film location of the “Edward Scissorhands” movie. Filming was done in Tinsmith Circle in the Carpenter's Run neighborhood. The town has been given the “ Cactus Hat” nickname due to a large number of cactuses which suddenly spread throughout the town in 2003. The sudden growth of the cactii remains a mystery and a few cactii can still be seen around town
Historic downtown business storefronts on a city block in Jacksonville, Florida.
big tent for the adults and small tent for the children at campground

Property buying in Lutz is a walk in the park

We help you find your dream home...and then help you pay for it too

Purchasing a property needs careful consideration. You should consider a number of factors before zeroing on to a particular one. First and foremost is that you must widen the search as much as possible. Your intention is to see the maximum number of properties across a number of localities. Earnest will help you to reach an informed decision quicker. This is achieved by analyzing both your personal priorities and also your financial position. We then use this information to offer you a comfortable price range. Potential neighborhoods are also displayed.Other factors like how much you can comfortably spend every month for your home are taken into consideration. Distance from home to essential infrastructure like markets and hospitals are also included in the decision making process.
big tent for the adults and small tent for the children at campground

Common Questions About Buying a Home in Lutz

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.