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Wellington is the perfect small town

Wellington is technically a village that is located in Palm Beach County. It is part of the Miami-Fort Lauderdale-Miami Beach metropolitan area and was part of Money Magazine’s “Top 100 Best Places to Live” list in 2010. It started off as a planned development in 1972 and is now the most populated village in the state. Do not let the term “village” misguide you as the city is nothing but. From top class amenities to luxury golf courses – it has a lot to give to its residents.
Miami waterfront skyline looking east along the Miami river

Wellington far from being a simple “village”

Wellington residents have the perfect mix of sun and sports

Wellington is regarded one of the world’s most well equipped equestrian sports center. It is home to numerous other unique attractions Panther Ridge Conservation Center and the Peaceful Water’s Sanctuary. Residents are in for a treat at this city as it has amenities that are similar to that of big cities. From numerous ball fields, community centers and parks, families and senior citizens will feel they fit right in. Those who love hiking and trekking can explore the vast trails surrounding the city while beach lovers can head over to Palm Beaches within half an hour. Since it is one of the best places to live, homes in the area are on demand. As such, the median price of a home is $293,900, a rate that is 67% higher than the national average. Even with the high rates, almost 80% of the population are home owners.
Miami waterfront skyline looking east along the Miami river
Underwater manatee swimming in Kings Bay, Crystal River, Florida

Home buying assistance at your fingertips

Apply easily and get all the help you need

As mentioned before, homes in the area are quite expensive but residents rarely have anything to complain about. Amenities and attractions are far from lacking and everyone can have a good life here. While choosing a home to buy, one has to consider all their options. Many buyers do not have the time to go through all the listings and open houses in the area. Before deciding on a home, buyers will have to identify their target price range. With Earnest’s help, home buyers can get recommendations for suitable homes after a simple, online application process. Our client service team will take it from there and make sure your dream is fulfilled quickly. To help you, we have powerful metrics that help us get results in a timely manner. For home owners that need financial assistance, we offer mortgage and re-financing options.
Underwater manatee swimming in Kings Bay, Crystal River, Florida

Common Questions About Buying a Home in Wellington

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.