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Buying a house in Leesburg- Quick City Guide

Leesburg is a city that was built in the year 1857 by the Lee brothers. It's called the Lakefront city, for its various and numerous water bodies spread out throughout. It is a quiet, peaceful and welcoming city. The median house price in this city is at $144,900. The average price per sq. ft here is only $85. In the last Quarter, there has been a sharp decline of prices in this city, so if you are looking for a discount, this just might be it. It's the perfect time to cash in on it.
Historic downtown business storefronts on a city block in Jacksonville, Florida.

Leesburg real estate guide

Get to know the city better

Leesburg was a settlement setup in the 1850's and is an idyllic little town that is both scenic and somehow modern at the same time. A lot of the large houses here are from the early part of the last century and are still preserved in their beauty. The city itself is nestled between Lake Harris and Lake Griffin and has a complex network of canals and water bodies scattered throughout. About 23.6% of the surface area is water. It is also just an hour from Orlando making it the perfect town to live in if you work in the big city. Leesburg is now a hub for retirees and those looking to raise families. The median age of the city is 55, making it a largely mature city. 85% of the residents here are homeowners as well, this points it out to being one of those cities that are purely residential and has a healthy number of schools.
Historic downtown business storefronts on a city block in Jacksonville, Florida.
Car is near the house drawn by hand on a sandy golden sea beach.

Leesburg is an ideal retirement town

The lakefront city is waiting for you to move in

For most of us, buying a home is something that is done once, or at best twice. That is why it is vital to make informed decisions on the purchase. Getting a mortgage is not something you do lightly. Mortgages have to be picked carefully and with after a lot of consideration. The mortgage needs to work for you. At Earnest, we specialize in creating tailor made mortgages based on a profile that we create based on a number of metrics. It is highly scientific and data driven. Call us today to learn more. Our customer service team is staffed with experts who can help you at any time. Rates are currently low and there hasn't been a better time to get into the housing market. A low fixed rate mortgage now could deliver massive savings on your new home down the line.
Car is near the house drawn by hand on a sandy golden sea beach.

Common Questions About Buying a Home in Leesburg

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.