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Considering settling down in Sanford, Florida?

Sanford is located just 28 miles from Orlando and well-connected to its commuter rail network SunRail. Living here can be quite a pleasant experience. According to listings on Zillow, you could get a four-bedroom 1,850 square-foot home for $185,000. If you want to live life king-size, a recently-constructed six-bedroom home spread over 4,200 square feet, furnished with premium fittings and having a great view can be yours for half a million dollars.
Tampa, Florida, USA downtown skyline.

Why a home in Sanford makes sense

There are plenty of avenues here for rest and recreation

The city is spread over 26.5 square miles and home to 57,525 residents, half of whom moved here after 2000. It is located on Lake Monroe (which is connected to the St. John’s River), earning it the nickname of Historic Waterfront Gateway City. You could go on a river cruise, taking in the sights of the city; or visit the Central Florida Zoo and Botanical Gardens. The Wayne Dench Performing Arts Center has a host of events on offer, including musical performances, theater, and ballet. In downtown Sanford, you could also procure fresh produce from the Farmers’ Market every Saturday. There is also a riverwalk trail, if you want to do things slowly. There are several private and public schools that offer education for grades PreK-12. Higher education needs are met by The Seminole State College of Florida.
Tampa, Florida, USA downtown skyline.
Orlando, Florida cityscape and skyscrapers with reflections of Lake Eola at night with palm trees, fountain and swans.

Own a home in Sanford

Get yourself the Earnest advantage

At Earnest, we will pre-approve your mortgage, so that you can look at the right homes. Additionally, Earnest’s low rates and simplified paperwork ease the process considerably. All you have to do is contact your realtor with what you have qualified for, and find the home that best meets your needs. If you choose to do this yourself, you will be further convinced why a Sanford home is a good idea. Driving around the city is a very good way to find out for yourself why this is a good place to settle down.
Orlando, Florida cityscape and skyscrapers with reflections of Lake Eola at night with palm trees, fountain and swans.

Common Questions About Buying a Home in Sanford

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.