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Buying a house in Apopka? Contact Us

Apopka is a city that is located in the Orlando-Kissimmee Metro Area of Florida. It is claimed to be the indoor foliage capital of the world. Forbes magazine even named it as one of the friendliest cities in the nation. A large variety of historical sites, parks and country clubs provide residents and visitors an opportunity to explore the city. Overall, Apopka still has a small town vibe but tourist influence is on the rise.
Tallahassee, Florida, USA downtown skyline.

Apopka is perfect through all seasons

Explore nature and history at Apopka

Apopka has a long history and has been home to the Acuera people, Seminoles and eventually early American settlers.It has been a part of wars and eventually earned its name in 1882. The name Apopka translates to “potato eating place” and was derived from the original name given by the Seminole Indian Tribe, Ahapopka. Currently, the city has a small town vibe surrounded by greenery, lakes and parks on all sights. Those interested in the nightlife and more commercial entertainment can travel to nearby Orlando. The city has a population of around 44,000 people and more than three-quarters of these people own their homes. Residents lead an active lifestyle as they have trails, lakes and parks all around. The most popular trials and parks include West Orange Trail, Wekiwa Springs State Park, Kelly Park and the Rock Springs State Reserve.
Tallahassee, Florida, USA downtown skyline.
Brother sister and dog playing on sandy Florida beach in the summer sun

Apopka home buying made painless

Earnest uses powerful metrics to bring you the best mortgage rates around

The median home price in Apopka is $156,000. This rate is lower than both the state's and national average. Single-family homes could be bought for as low as $135,000 whereas larger mansions and condos could be upwards of $300,000. Larger estates could cost home buyers millions of dollars. The median household income in the city is higher than that of the state, making the homes affordable for many different groups. Earnest makes identifying the right home to buy simpler by providing a list of recommended homes and neighborhoods. These suggestions are made by analyzing your financial situation and looking at your top needs (schools in the area, beds, baths, proximity to key locations etc). These are further filtered based on your finances. We also offer mortgage and re-financing options.
Brother sister and dog playing on sandy Florida beach in the summer sun

Common Questions About Buying a Home in Apopka

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.