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Find your dream home at The Villages

The Villages is not a traditional city – it is a census designated place located in Sumter County. The area spreads into neighboring Lake and Monroe counties. The communities in Villages are all high end and offer top class amenities. It is widely known as a retirement community with a median age of 69.9 years. Compared to the rest of the state and the national average, the Villages’ median age is 70% higher. Don’t let that fact fool you as the area has a lot to offer for all age groups.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

The Villages is jam packed with fun

Relax in luxury at The Villages

The Villages were started by Harold Schwartz and Al Tarrson. It started off as a mobile home park before Schwartz’s son, H. Gary Morse, developed the communities and turned it into a successful retirement area. Population in the area is rising rapidly and the city was recognized as the 2nd fastest growing in 2014 by the Bureau of Census. The current population of the area combined with the expansions into other counties is 157,000 people. From the top of the class recreational centers to numerous unique bars and pubs, residents have it all. Golf courses, resorts and waterfront properties are popular in the city. There are over 39 gold courses in the city and one of its main attractions is the ability to play “free golf for life”. Recreational centers and performance arts centers also provide opportunities for entertainment and learning.
Tampa, Florida, USA downtown skyline on the Hillsborough River.
The dynamic Miami skyline at night and a couple of palm trees.

The Villages has the best homes

From spacious condos to luxurious mansions, The Villages is the place to be

Thanks to the easy access to great amenities, median home prices in the area is $224,200. This number is steep and is higher than both the state and national average. While the prices may hinder some buyers, with the help of Earnest, anyone can buy a home in The Villages. Neighborhoods in the area have greatcommercial and residential development as more and more houses pop up every day. With Earnest, you can buy the home of your dreams through a simple online application process. Our client service team can assist you throughout the home buying process – from choosing a home to getting a mortgage. Our powerful metrics enables us to find the best homes after taking the buyers’ needs and priorities into consideration. Additionally, we can help buyers get the best mortgage and re-financing options.
The dynamic Miami skyline at night and a couple of palm trees.

Common Questions About Buying a Home in The Villages

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.