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Right now is the time to buy a home in Zephyrhills

Zephyrhills has a business-friendly climate, and it is reaping its benefits. The booming job market is one of them. The annual growth rate is 3.13%, which is greater than the national average, which is only 1.18%. The cost of living is also low, 19% below the national average. The Florida housing boom impacted Zephyrhills as well, the median home prices have increased. Still, the housing market is very affordable. The city has a good public transit facility and easy access to healthcare.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

Zephyrhills is a clean city with quality air

Zephyrhills has a pleasant climate and a balanced economy

Zephyrhills, whose motto is 'city of pure water', is a city in the Pasco County. Florida. A member of the Tree City USA, Zephyrhills is a suburb of the Tampa Bay Metropolitan Statistical Area. According to a 2014 census, the city has a population of 14,381. It was in 1910 that the community was founded, by Captain Harold B. Jeffries. The city is served by Pasco County Public Transportation and Zephyrhills Municipal Airport. Zephyrhills Police Department ensures safety in the city. Zephyrhills has many museums and amusement parks nearby. Since the city is centrally located in Florida, people in Zephyrhills has reasonable access to many prominent colleges and universities in the state. The city has good health care facilities. Zephyrhills is famous for its clean water. It is the headquarters of the Zephyrhills bottled water company.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

A home in Zephyrhills can be a wise investment

Earnest can help you find a home in Zephyrhills that is suitable for you

The economy of Zephyrhills is growing at a fast rate, thanks to its business-friendly atmosphere in the city. The job market of the city is seeing such fast-paced growth that it is attracting people from all over the country. The best part is that the cost of living in Zephyrhills is reasonable, and buying a house here is quite affordable. The experts at Earnest can help you find the right home for yourself in Zephyrhills. Just let us know your budget and your requirements, and we will take it from there. Depending on your specific needs, we can get you an economy apartment or an expensive home that has all the modern amenities. Whether you are shifting with your family, or alone, we can help you find the best fit. We would also be able to help you in getting the best mortgage deal available in the current market.

Common Questions About Buying a Home in Zephyrhills

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.