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Palm Harbor is the perfect place to live

Palm Harbor is located between St. Petersburg and Tampa. A highly residential area, the city is the perfect place to unwind after a good day's work. Golf courses, spas, parks, kayaking and more are available in the area and are easily accessible for residents. Community centers for children and commercial hubs for employment are present in the city and surrounding areas. Since Tampa is a major city in Florida, the close proximity makes life easier for residents of Palm Harbor.
View of Miami facing south from Collins and 63rd with South Beach on the left and the city on the right.

Let your hair down at Palm Harbor

Sun, spa and surf at great locations

Residents of Palm Harbor truly have the best of both worlds. The city is close to major metropolitan areas, where employment is on the rise, but it's also home to luxurious beaches, golf courses and spas. Nature lovers are in for a treat as there are numerous parks present in the area. The Suncoast Primate Sanctuary Foundation is also a treat for animal lovers. For families with children, there are numerous sports complexes built throughout the city by the district. The Community Center hosts various programs for all age groups along with summer camps and community services. Home to around 60,000 people, the city has a lot to offer. Like most cities, the downtown area is the most popular locality for shopping and eating out. Public schools are plentiful and the average test score in Tampa is about 6% higher than the national average.
View of Miami facing south from Collins and 63rd with South Beach on the left and the city on the right.
4th of July fireworks at Miami Beach, Florida.

Everything from mortgage to buying in one place

Simple and quick way to purchase a house

The average house in Palm Harbor costs $165,800and over 70% of the people in the area are home buyers. From spacious family homes to large mansions, Palm Harbor has something for all kinds of people. Some buyers will be looking for houses near parks while some would prefer homes nearcommercial or industrial areas. The price for homes will also vary on the area of choice. Schools, recreational centers, safety, crime rates and more also decide where buyers look. When you apply to Earnest, we take all your listed priorities into consideration before recommending neighborhoods and homes. Our metrics are powerful and involve more than simply looking at your credit score and price range, to come up with home suggestions. Moreover, since all the information is located online, users can access it anywhere and at any time.
4th of July fireworks at Miami Beach, Florida.

Common Questions About Buying a Home in Palm Harbor

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.