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Settle down in Punta Gorda, Florida

Punta Gorda is located by the Charlotte Harbor in Florida. Temperatures here are pleasant, ranging between 51 °F and 92 °F throughout the year. According to listings on Zillow, a three-bedroom 1,200 square-foot home sells for around $120,000. A larger 2,600 square-foot home with its own, private access to the water would cost you $350,000-$450,000. City Data estimates the median home price in Punta Gorda to be $283,587 which is much higher than the $153,300 for Florida.
Tampa, Florida, USA downtown skyline.

Life in Punta Gorda is great

With a home here, magical sunsets are yours to experience every day

Because of its location on the mouth of Charlotte Harbor, Punta Gorda is the place to settle down if you love fishing. There is a marina where you can dock your boat if you own one. And that is assuming you cannot dock it by your home – 70% of all residences here are located on the waterfront. If you like muscle cars, you will definitely enjoy the Muscle Car City Museum where you can see dozens of these beauties. The Fisherman’s Village is where you can pull up in your boat and buy supplies. You could also enjoy some great food by the water, or charter a boat for fishing. If you like wildlife, you could visit the Peace River Wildlife Center to view the bird life or see zoo animals at the Octagon Wildlife Sanctuary. Learning more about the history of the U.S. Armed Forces at the Military Heritage Museum is another option.
Tampa, Florida, USA downtown skyline.
Sisters at the ocean

Own a home in Punta Gorda

Earnest makes it easy

Get in touch with Earnest so that we can review your finances and pre-approve your mortgage. This way, you can look specifically at homes that your qualify for, and zero in on the right one that meets your requirements. You could seek the help of a realtor, or do it yourself and save on the money you would otherwise pay as commission. When your drive around Punta Gorda, you will realize why this is a great place to settle down. There are several large parks to relax in nature. If you like motor racing, there is the Punta Gorda Speedway you could visit for some adrenaline-pumping action. A number of highly graded private and public schools for PreK-12 are also present in Punta Gorda. Earnest’s low rates make owning a home cheaper than renting, and the process of home ownership is made easier with simplified paperwork.
Sisters at the ocean

Common Questions About Buying a Home in Punta Gorda

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

People around a computer

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.