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Buying a home in Englewood can be worth it

Englewood is located in Sarasota and Charlotte counties, Florida. It is a CDP (Census-Designated Place) whose population, according to a 2010-census, is 14,863. The Sarasota part of Englewood belongs to the metro area Bradenton–Sarasota–Venice and the Charlotte part belongs to the metro area Punta Gorda. The cost of living in Englewood is lower than the national average. The job growth rate is positive. Englewood has good schools, a small shopping district, good restaurants and good beaches.
Hotels and residential buildings on the beach in Miami Florida

Experience 'Old Florida' in Englewood

Englewood is perfect for you if you want to enjoy a coastal lifestyle

Englewood is home to some of the whitest beaches in the world. It is one of Florida's tropical paradises. Living in Englewood is like being on permanent vacation. Besides its popular shopping district, Englewood offers plenty of attractions, activities and fine dining options. The quality of living is high. Boating, bird watching, golfing and fishing are some of the popular activities offered by Englewood. There are many golf courses in and around Englewood. The place is a golfer's paradise. The Englewood Chamber of Commerce is committed to improving resident satisfaction and in attracting tourists to the place. The Englewood Community Redevelopment Area plays an important role in boosting the economic growth. There is easy access to efficient healthcare centers in and around Englewood.
Hotels and residential buildings on the beach in Miami Florida

A home in Englewood means a good investment

Finding a budget-friendly home in Englewood is easy and fast with Earnest

Englewood offers elegant villas, bright condos, single-family homes, apartments and lofts. Earnest can find you one that is reasonably priced, one that perfectly suits your budget. Buying a home for the first time can be stressful and nerve-racking, a lot of your hard-earned money is involved. Earnest can make the whole home buying process a safe and pleasant experience for you. Our online application process is simple and easy. Any queries/issues, you can always get in touch with our ace client support team. Earnest can get you a mortgage to finance your home as well. Our rates are fair and by fair, we mean, the lowest possible. Worried about your credit score? Talk to us. We can look past your credit score if your present financial position and your future earning potential are ideal.

Common Questions About Buying a Home in Englewood

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.