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Thinking of getting a home in Plant City, Florida?

This is a place where you can raise a family. In fact, Plant City is home to Dinosaur World, where young children can learn all about the giants that roamed the planet millions of years ago. Over here, there is something to suit every taste and budget. According to listings on Zillow, a four-bedroom 2,000 square-foot home can be had for around $100,000. If you would like something grander, a 3,750 square-foot home built with the finest materials and affording a lot of privacy costs $400,000.
Brand new townhouses in suburban West Palm Beach, Florida

Life in Plant City is a pleasant experience

Why go elsewhere?

Plant City was named after Henry B. Plant, who brought the railroad to what was then a town. Today, it is home to 36,627 residents and spread over 22.7 square miles. Plant City is still very much agricultural, and you could get some fresh strawberry produce at the Parkesdale Farm Market. You can get the best strawberry shortcake in the world here and enjoy a strawberry milkshake, thanks to the quality of Plant City’s strawberries. Plant City’s nickname is ‘The Winter Strawberry Capital of the World’. The 1,284-acre Edward Medard Regional Park offers you a chance to go picnicking, kayaking, fishing and/or hiking. If you want an adrenaline rush, try jumping off a plane at 18,000 feet and living to tell the tale. There are a number of private and public elementary, middle and high schools that serve PreK-12 education needs.
Brand new townhouses in suburban West Palm Beach, Florida
Happy couple in white shirts standing at beach

Buy a home in Plant City

With Earnest, it is bound to be easy

Earnest offers low interest rates. With an Earnest pre-approved mortgage, you can start looking at homes in Plant City and find the right one that best suits your needs. You could either enlist the services of a real estate agent to help you in your search, or do it yourself. If you choose the latter, driving around Plant City and seeing for yourself all it has to offer could convince you better why you should call Plant City your home. Plant City even has an airport where you can sign up for flying lessons and get your Private Pilot’s License. With minimal paperwork, the process of owning a home in Plant City is simplified considerably. The best time to buy a home in Plant City is now. Thanks to the fall in international crude oil prices and the slump in the U.S. economy, interest rates are about as low as they can get.
Happy couple in white shirts standing at beach

Common Questions About Buying a Home in Plant City

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

People around a computer

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.