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Considering a home in Saint Cloud?

St. Cloud is only about 28 miles from Orlando (approximately 40 minutes by road). It is located on the banks of East Lake Tohopekaliga, and the weather is pleasant all through the year, with temperatures ranging between 48 °F and 93 °F. According to listings on Zillow, a five-bedroom 2,800-square foot home costs around $280,000 to own. If you don’t need that much space, a three-bedroom 1,500 square-foot home can be had for roughly $165,000.
Miami downtown at night, Florida, USA

Living in Saint Cloud

The city’s motto is “Celebrating Small Town Life”

The city owes its name to the Saint Cloud sugarcane plantation in the area, established in the 1880s. This was named after Saint Cloud in Minnesota, which in turn was named after the French city located close to Paris. In 1909, around 35,000 acres in Saint Cloud became the site of a veterans’ colony, earning it the nickname of Soldier Town. This came about after they had scoured the whole of Florida for land where the climate was pleasant, the soil fertile and generally conducive to good health. A lot of improvement has taken place since then, and Saint Cloud is no longer a city for retirees - the median age here is just 35.9 years, and only 7.8% of the city’s population consists of those aged 65 or older. There are a number of private and public elementary, middle and high schools that serve PreK-12 education needs.
Miami downtown at night, Florida, USA
Young woman and two children at the waters edge in a candid

Own a home in Saint Cloud

With Earnest, it will be easy!

Earnest pre-approves your mortgage so that you look at homes in Saint Cloud that you specifically qualify for. You could enlist the services of a realtor, or do it yourself and save thousands of dollars that you would otherwise pay as commission. Driving around Saint Cloud is a good way to get a feel of the place and be convinced why it is a city you could call home. You could go fishing, take an airboat ride through the Everglades, play golf, pick peaches, zipline through the trees or visit the Reptile World Serpentarium – there is no shortage of things to do. Even Disney World is located only half an hour away if you want to take the kids there on the weekend. Earnest prides itself on its low interest rates and also helps you determine the ideal price band for your purchase; so paying for your dream home will never become a nightmare.
Young woman and two children at the waters edge in a candid

Common Questions About Buying a Home in Saint Cloud

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.