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Port Richey – a small town with a lot to offer

Port Richey might barely be considered a city as it's population is only around 2,600 people. But no one can call the city a dull one. It is part of Pasco County and is located in the Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area. Parks line the city and the coast is a short drive away. Those who love the outdoors will love it here. It's proximity to Tampa and St. Petersburg is also a big plus and residents can drive down anytime in a matter of hours.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.

Port Richey is the place to be

Condos to mansions, everyone can find something here

Located a few miles inland from the ocean, Port Richey is a peaceful city that allows you delve into the ocean breeze. No matter how active the city is, there is a sense of calmness throughout the city. Along with it multiple parks, the city is also home to Werner-Boyce Salt Springs State Park and is touched by the Pithlachascotee River. As a result, outdoor activities like trekking, camping and hiking are popular in the area. Casinos and malls are also present for those that love to shop and gamble. Numerous eateries and theaters are also present and can be a treat for residents. Most of the homes in the area are part of gated communities and estates but there are plenty of spacious single homes on offer. Luxurious mansions line the waterfront and home owners are treated to a stunning view of the coast and beyond.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.

Port Richey homes for everyone

Home buying made efficient with Earnest

Port Richey is a small city and the median home price reflects that. The median home price in the area is $116,700. It thus makes sense that over 68% of the population are home owners as opposed to renters. Mind you, this does not mean that home buying becomes easier. It's proximity to other major cities makes it a hot spot for home buying. Thus, there is significant research that needs to be done by buyers. At Earnest, all you have to do is submit a simple online application and let us do the rest. The application form will contain information such as ideal price range, priorities, safety issues and more. Once the application is submitted, we put our coherent metrics and algorithms to work and find the best homes at the best rates. We also provide guidance for those seeking mortgages and re-financing options.

Common Questions About Buying a Home in 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.