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Buying a home in Winter Springs can be lucrative

Buying a home in Winter Springs right now will not only benefit you in terms of all the amenities and entertainment the city offers but also as a solid future investment. Winter Springs has a stable economy. The city and the neighborhood areas offer a lot of job opportunities. The weather is so nice that it is perfect for many outdoor activities. Winter Springs has top-rated schools. The crime rate is very low. There is easy access to international airports and main highways.
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Winter Springs is a great place for families

Florida's top beaches and major attractions are just a short drive away

Winter Springs is a beautiful city located in Seminole County, Florida. The city is part of the metropolitan statistical area Orlando–Kissimmee–Sanford. It is one of Central Florida's premiere destinations. According to a 2013 census, Winter Springs has a population of 33,871. In 2011, Money Magazine ranked it as the 97th best place to live in the country. The city has 7 public schools. The metro area is a major tourist destination. The Disney complex has many attractions and offers a variety of activities. Siemens, IBM, and General Dynamics are some of the metro's top employers. The job growth has been positive in the recent years. The cost of living is higher compared to the national average, however, it is justifiable since the city and its neighborhood areas offer a lot of amenities.
Miami Florida skyline of downtown colorful skyscraper buildings
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A home in Winter Springs is not out of reach

Earnest can help you find a budget-friendly home in Winter Springs

87% of Winter Springs's population are permanent residents. The city has new areas, as well as older areas. There are many single-family homes available in the city. There are homes available in the many prestigious neighborhoods as well. Earnest can help you find the right home for you. If you are looking for a home on a budget, we can get you a single-family home or an apartment in the town center. If you are eyeing for a home in the prestigious neighborhoods, such as Chestnut Estates or Chelsea Woods, we can help as well. Earnest can help you get a mortgage as well, and that too with a fair interest rate. If you credit score is not ideal, we will look at your savings, current earnings, and future potential earning, and based on those metrics, we will get you a fair rate.
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Common Questions About Buying a Home in Winter Springs

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.