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A home in Tarpon Springs can be a nice investment

Tarpon Springs is a charming city located in Pinellas County. Pinellas County is part of the metropolitan statistical area Tampa–St. Petersburg–Clearwater, which is benefiting a lot because of its business-friendly atmosphere. The home values have gone up in the recent years, however, there are many budget-friendly homes still available. There are a number of waterfront properties that are still reasonably priced as well. Invest in a home in Tarpon Springs and it will pay off in the future.
Tampa, Florida, USA downtown skyline.

The charming city that is named after Tarpons

Tarpon Springs is known as the sponge capital of the United States

In the early 1900s the natural sponge beds were disclosed in Tarpon Springs. This brought the Greek sponge divers to the city. The sponge business soon became lucrative. The sponge industry started generating millions of dollars a year. However, over the years, the industry declined due to various sponge diseases. The sponge industry is still active in the city, however, it is small. Tarpon Springs is home to the highest number of Greek Americans in the United States. The city's Greek cuisine is authentic and famous. The city offers a wide range of fun activities, including boating, windsurfing, swimming and so on. The St. Nicholas Greek Orthodox Church is famous for the various religious ceremonies that it hosts. The city has good schools and efficient healthcare facilities.
Tampa, Florida, USA downtown skyline.
Cocktails on the bar counter in night club.

Tarpon Springs offers diverse housing options

Earnest can find you a home in Tarpon Springs that is reasonable priced

Whether you are looking for a single-family home or an apartment or a waterfront property in Tarpon Springs, Earnest can find the right one for you. House hunting is not an easy task, especially if you are a working professional. So, just leave it to Earnest, and we will find the ideal home for you. We will work with you until we find that home that meets all your expectations. Earnest's online application process is simple and fast. Our competent customer support team is always at your service. Earnest can get you a mortgage as well. If you are worried about your poor credit history, just talk to us and we can find a way around. We can look at your current financial situation and your future earning potential and based on those statistics, get you a mortgage with a fair rate.
Cocktails on the bar counter in night club.

Common Questions About Buying a Home in Tarpon Springs

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.