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Ocoee - a lively city with many events

Ocoee city has an interesting history. It was established when J.D Starke, a doctor who brought a number of slaves to the site so that they can escape from malaria. According to Zillow, the average home value in the city comes to $202,000. Property price in Ocoee varies as per the property. The cheapest are the single family homes and the studio flats. The most expensive ones are the triplexes and the five bedrooms or more luxury apartments.
Miami Florida skyline of downtown colorful skyscraper buildings

A small city with a rich and colorful history

A nice lake and oodles of culture describe this beautiful Florida city

Ocoee is situated 10 miles west of Orlando, Florida. Tama is 70 miles to its north east. The city is located in Orange county and is a component of Orlando metro area. The city started its existence in the 1850s when J.D Starke, a doctor brought a few slaves to flee from a malaria attack. The first structures included a camp at the lake's northern shores. It soon expanded to form a community. The concerned lake was later named Starke lake. The community adopted the Ocoee name after a certain period of time. Ocoee city has a number of attractions. The list include Withers Maguire House, Forest Lake Golf Club and Starke Lake. The city is a lively place to live. A number of festivals and events are organized on a regular basis. The fall season witness Founder's Day festival. Golf enthusiasts can spend their time at the golf course.
Miami Florida skyline of downtown colorful skyscraper buildings
Group of friends jumping from the boat. having fun on the yacht and in the water

Buying your Ocoee home has become much easier

We will help you to find your dream home- and also pay for it

Buying any property constitutes a major investment. It should be done after much consideration. A number of factors must be considered. Take into account the address of the property and its distance from your office. Important components of modern life like supermarkets and restaurants must also be located nearby. Distance from nightlife destinations should also be taken into account. The property itself should be examined for any structural defects before making a shortlist. Many house owners try to sell off structurally damaged properties by hiding the defects. As a buyer you should be aware of such practices and take steps likewise.Earnest will utilize this information to offer you a selection of potential neighborhoods which will perfectly fit your needs. A comfortable price range is taken for granted.
Group of friends jumping from the boat. having fun on the yacht and in the water

Common Questions About Buying a Home in Ocoee

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.