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Settle down in Altamonte Springs, Florida

Altamonte Springs is located just ten miles north of Orlando. A lot of people who have jobs in Orlando choose to settle down here owing to its proximity to the larger city, as well as the amenities provided by Altamonte Springs itself. According to City Data, the median price of a home is $132,214 for a 1,200 square foot home. At the other end of the spectrum, larger 5,000 square-foot residences with private swimming pools will set you back up to $850,000.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

Living in Altamonte Springs

Everything you will ever need and just a bit more

You could walk, jog or relax by the water at Crane’s Roost Park. If you would like to get close to nature, there is the 150-acre Lake Lotus Nature Park, where you could fish, or view flora and fauna in their natural habitat. If you're in need of a bit of retail therapy, check out the Altamonte Mall, which features several brand outlets with most major retail labels and brands maintaining a local presence in Altamonte Springs. There are enough bars, pubs and restaurants for the 42,225 residents of Altamonte Springs; and several well regarded public and private schools cater to educational needs. Higher education needs are met by the University of Central Florida, Rollins College, Full Sail University, Valencia College and the Seminole State College of Florida, all within 13 miles of Altamonte Springs.
Tampa, Florida, USA downtown skyline on the Hillsborough River.
Couple laying on a beach. Blue sky in the background.

Buy a home in Altamonte Springs

Earnest makes the process easy

Earnest pre-approves your mortgage so that you can start looking faster at the homes in Altamonte Springs that you qualify for. You could either use the services of a professional realtor or do it yourself. Driving around Altamonte Springs is a great way to find out more about the city. A lot of people are moving here after discovering its benefits. It is only half an hour to the Central Florida Research Park, which has the seventh largest number of employees in the United States. Altamonte Springs is served by the Orlando International Airport as well as the secondary Orlando-Sanford International Airport. There is also the Orlando Executive Airport for charter flights. Earnest offers low rates and simplified paperwork, two factors that will always work out to your advantage when it comes to financing your dream home
Couple laying on a beach. Blue sky in the background.

Common Questions About Buying a Home in Altamonte 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.