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The Altamonte Springs home advantage

According to City Data, the median price of a home is $132,214 (as of 2013), while the equivalent rate for Orlando is $155,500. Orlando is just ten miles or 15 minutes south of Altamonte Springs making it a popular choice for commu. Not only are homes in Altamonte Springs more affordable, they are also larger. Zillow points to luxurious 2,500-square-foot homes (replete with swimming pools) being available for around $350,000; while 1,500-2,000 square-foot homes can be had for $150,000-$200,000.
Orlando, Florida, USA downtown cityscape over the highway.

The Altamonte Springs life

Enjoy quiet, pleasant living without moving to the countryside

The city is spread over 9.5 square miles and home to 42,225 residents (accurate as of 2014). The name Altamonte in Spanish means ‘High Hill’ – the city has an elevation of 85 feet. Temperatures here vary from 48 °F in winter to 92 °F in summer. There are several avenues for recreation. The Altamonte Mall has several brand outlets, and there is also Starbucks, Burger King, FedEx, Home Depot, McDonald’s, Papa John’s, Subway, Taco Bell, and UPS in the city. The Crane’s Roost Park is a place where you could walk, jog, read or simply relax by the water. It features an European style plaza and hosts several art festivals on the weekends. This is also where you can view the Fourth of July fireworks. If you would like to get really close with nature, the Lake Lotus Nature Park offers you a chance to see flora and fauna in their natural habitat.
Orlando, Florida, USA downtown cityscape over the highway.
a military man with his family in the park

Get yourself a home in Altamonte Springs

The Earnest mortgage is the easiest ever

If you are a first-time home buyer, Earnest’s low rates and simplified paperwork makes the process of owning a home in Altamonte Springs easy. The city is connected to the SunRail commuter rail network, and served by three airports – the Orlando International,Orlando-Sanford International and the Orlando Executive Airport. A number of well regarded private and public schools provide PreK-12 education. For higher studies, the University of Central Florida is13 miles away. These reasons are just the tip of the iceberg when it comes to determining why Altamonte Springs is a great destination to settle down. With Earnest, the mortgage will work out to be cheaper than paying the rent. If you have a home in Altamonte Springs, consider refinancing it. A fixed rate mortgage protects you against possible rate increases in the future.
a military man with his family in the park

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.