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Buying a home in Palmetto is an intelligent choice

Palmetto's natural beauty is unprecedented. The city offers a lot of recreational activities. There are a number of playgrounds and picnic areas in the city. The parks are clean and they are safe. The 17th Park and the Palmetto Historical Park are two of the most popular parks. In the past 12 months, home appreciation in the city has been up 15.1%. The home value is expected to grow up. The cost of living is lower than the national average. The job growth has been positive in the recent years.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background

The charming city named after palmetto trees

Waterfront community on the Florida Gulf Coast between Sarasota and Tampa

Palmetto is located in Manatee County, Florida. One of the most charming cities in the Manatee County, Palmetto got its name from the palmetto trees that grew near the original town site. It was Samuel Sparks Lamb who plotted and surveyed the city at its beginning. He also donated several of his land plots to the city. As such, he is known as the Father of Palmetto. Palmetto is a part of the metropolitan statistical area Bradenton–Sarasota–Venice. The 365-acre Emerson Point Preserve is a paradise for nature lovers. You can enjoy the picnic areas and the trails, as well as get up close with the wildlife. The pristine, stunning beach located in the Anna Marie island is a favorite destination for the locals, as well as people from all over the country. Palmetto has high-standard schools.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background
Art deco district of South Beach in Florida USA

Owning a budget-friendly home in Palmetto is easy

Buying a home with the help of Earnest in Palmetto is easy and stress-free

Palmetto offers single-family homes, condos, townhomes and apartments. Earnest can help you buy any of these according to your budget. Just let us know what type of neighborhood do you want to live in, the amenities you want nearby and we will find a home that is just right for you. Out online application process is very simple and easy. When you choose Earnest, you ensure a home-buying process that is easy, pleasant and stress-free. Our ace customer support team is always there for your help. You do not have to put off buying your dream home in Palmetto just because your credit score is bad. If your present financial situation is ideal and if Earnest can determine that your future earning potential is good, we can look past you credit history and get you the mortgage at a fair rate.
Art deco district of South Beach in Florida USA

Common Questions About Buying a Home in Palmetto

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.