Alert Message

Looking to put down roots in Wesley Chapel?

Now a part of the Tampa Bay metro, Wesley Chapel has been steadily attracting young families. An improving local economy and a small-town atmosphere have seen Wesley Chapel earn the third-place amongst 180 cities on NerdWallet's survey of 'Best Cities for Young Families in Florida'. Affordable housing also works in the community's favor. Home buyers with Tampa Bay in their sights can find great homes here in Wesley Chapel without paying a small fortune.
Miami Florida skyline of downtown colorful skyscraper buildings

One of America's fastest growing communities

There's plenty to love about this rapidly developing city

Located 20 miles north of Tampa in Pasco County, Wesley Chapel has grown by leaps and bounds, spurring residential constructions and attracting a flurry of new residents. Median home values hover around $214,000, about the same for the state, and around 11 per cent lower than the national average. Wesley Chapel is a large community with a population of approximately 41,000. More than 30 per cent of the population comprises of families with children. The close-knit community feel is palpable and a large number of new constructions are in the works. A proactive Chamber of Commerce has continued to ensure that developments are planned and paid for properly. Wesley Chapel is home to three major shopping malls, the Shops at Wiregrass lifestyle center, the Pasco-Hernando State College campus, and soon, Florida's largest ice-skating facility.
Miami Florida skyline of downtown colorful skyscraper buildings
Pair of Macaw Parrots cuddling on a tree branch in a tropical setting featuring vivid gold, blue, red and green feathers and white faces.

A quiet, but ever-growing city

Find the right home for your needs in Wesley Chapel

Buying a home isn't short of an assignment involving research, sorting and selection. If you're a first-time home buyer, you'll find yourself asking a number of questions, and involve your family members in most decisions you take. Even if you're hunting for a new home or a second residence, the prospect of assessing neighborhoods, school districts, conveniences, tax laws and commuting times – among other factors – can be quite daunting. Here's where you'll appreciate our local expertise and real estate experience. We help you identify homes that meet your preferences and needs, and fit that into a reasonable budget. There are a number of new constructions coming up in Wesley Chapel, presenting a number of opportunities for home buyers. With our assistance, you'll enjoy a hassle free acquisition and no buyer's remorse.
Pair of Macaw Parrots cuddling on a tree branch in a tropical setting featuring vivid gold, blue, red and green feathers and white faces.

Common Questions About Buying a Home in Wesley Chapel

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.