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Thinking of moving to Riverview, Florida?

Riverview is a suburb of Tampa, but the home prices here are a real steal. According to listings on Zillow, a 2,100 square-foot home with four bedrooms costs just $48,500 to own. If you don’t need all that space, an 800 square-foot home can be yours for just $12,900. It is only 12.5 miles to Tampa, and this takes less than 20 minutes by road. All these have resulted in Riverview catching the attention of many. In fact, it has seen a 490% change in its population since 2000.
Brand new townhouses in suburban West Palm Beach, Florida

The Riverview experience

Living here is guaranteed to be fun!

Riverview has a population of 71,050 (as of the 2010 census). There is the International Independent Showmen’s Museum in the area that you could visit. Other fun things to do include getting a taste of the great outdoors in the Balm-Boyette Scrub & Triple Creek Nature Preserve. The Manatee Viewing Center gives you a chance to see the manatees in their natural habitat. There are many private and public elementary, middle and public schools in Riverview that serve the educational needs of its junior residents. There are no colleges in the city, but several institutions of higher learning within 20 minutes. These include the University of Tampa, the University of South Florida, Everest University and the Hillsborough Community College.
Brand new townhouses in suburban West Palm Beach, Florida
a military man with his family in the park

Get your own home in Riverview

With Earnest by your side, it will be the smoothest experience ever!

Earnest provides you with the lowest mortgage rates. It also pre-approves your mortgage. This way, you will be able to do a better job house-hunting in Riverview when you know exactly how much you have qualified for. All you then need to do enlist the professional services of a realtor, or do it yourself. When you drive around the city, you will know why this is a place you can settle down and call home. One person who moved into Riverview still thinks it is too good to be true. But it is. Earnest’s simplified paperwork and easy process make it faster. If you are a first-time home buyer, you could also receive up to $15,000 as a grant under the Florida First Time Home Buyer Grant Program. This could go towards the downpayment on your new Riverview home and reduce your interest burden.
a military man with his family in the park

Common Questions About Buying a Home in Riverview

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.