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Buying a home in Spring Hill, Florida? We'll help!

Spring Hill is located in the Tampa-St. Petersburg-Clearwater metro area and has been reaping the benefits of being in a business-friendly metropolitan area since the building boom that happened in the 1980s. As of now, Spring Hill has a stable economy. The cost of living is reasonable compared to the rest of the country. It is an ideal place for retirees, as well as for mid-level working class families. Earnest can help you find the right home at the right price in Spring Hill, Florida.
Miami Florida skyline of downtown colorful skyscraper buildings

Spring Hill has pleasant climate

An ideal place for higher learning and finding jobs

Spring Hill is a part of Florida's Nature Coast. This CDP (Census-Designated Place) in the Hernando County is an unincorporated area, however, in its own right, Spring Hill is a semi-city. A number of prominent financial institutions run their operations here. Spring Hill has a number of private and public schools. The five campuses located in the area provide for higher learning. Health care is big in Spring Hill. The many rehabilitation facilities and nursing homes located in the area serves the majority of Spring Hill's prominent senior citizen population. Spring Hill has an excellent transportation service. Buccaneer Bay, the only water park that is spring-fed in Florida, is located near to Spring Hill. Spring Hill is home to UFL's Florida Tusker's wide receiver, Huey Whittaker.
Miami Florida skyline of downtown colorful skyscraper buildings
This family was having a great time swimming at the beach on Amelia Island, Florida. This was a hot July day.

It is easy to own a home in Spring Hill

We can get you a mortgage even if your credit score is not ideal

A place that you can call your own is everybody's dream. At Earnest, we help you to fulfill that dream. There are a number of factors that come into play while purchasing a home. Your financial position is one of them. If your credit score is not ideal, you may have a hard time getting a mortgage. At Earnest, it is not just your credit score that we look at, we look at your present income, savings and future potential in terms of earning as well. We consider factors such as proximity to healthcare facilities, schools and so on while finding the right home for you.
This family was having a great time swimming at the beach on Amelia Island, Florida. This was a hot July day.

Common Questions About Buying a Home in Spring Hill

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.