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Buying a house in New Port Richey just got easy

New Port Richey is a small city in Pasco county. It was set up in the early 1900's and came to its own in the mid 20's. It is touted to be one of the best places to live in, especially for retirees and over the years, has grown to be a quite little place that is calm and peaceful. It is sister cities with Cavalaire-sur-Mer and has a square named after Cavalier square in its honor. It being a small city, does not face too much traffic, rapid development or even heavy population growth.
Miami waterfront skyline looking east along the Miami river

New Port Richey- a city with a small town vibe

Warm sandy beaches, slow, laid back life

New Port Richey is located at the mouth of the Pithlachascotee river on the coast of eastern Florida.You can literally walk around the entire city effortlessly. In spite of it being as small as it is, it has a healthy population. Around 14,000 people live here and the house rates are manageable. The median cost of a home here stands at around $88,500 with sq ft price around $66. It might just be the perfect retirement place if you are looking for one. After a minor drop in August, the prices here have picked up again, so if you buy right now, you are likely to cash in on a property that is on the appreciation curve. The median age of the city is 43 and 76% of the people here are homeowners. That should give you a reasonable overview of the housing scene here.
Miami waterfront skyline looking east along the Miami river
4th of July fireworks at Miami Beach, Florida.

The fastest way to buy your New Port Richey home

We help you pay and find your dream home

The most expensive purchase that you make is probably a house. So doing it right the first time around is vital. How though will you go about it, especially if you are on the wrong side of your credit score and the kind of house you want is no where to be seen? At Earnest we look at people beyond their credit score as it is not all inclusive, nor is it completely conclusive. So we have devised a method by which we create a personal financial profile for you and using the metrics generated, set a budget and find you the right place, in the right place.
4th of July fireworks at Miami Beach, Florida.

Common Questions About Buying a Home in New Port Richey

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.