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A home in Brandon makes for the best investment

The median home price in Brandon is $144,900, according to City Data. This is lower than the $153,300 for Florida, but owning a home need not be an expensive proposition. A 1,100 square-foot home is yours for the price of just $40,000. If you need more space, a larger 1600 square-foot home with three bedrooms costs $80,000. For $120,000, you can get a massive four-bedroom 2,500 square-foot home. All these are less than the median value, and home prices appreciate by roughly 3.5% every year.
Tampa, Florida, USA downtown skyline.

Living in Brandon can be so much fun

Why move anywhere else?

Brandon has a population of 103,483 according to the 2010 census, and this figure is rapidly increasing. Thousands of people move in here every year after discovering all that it has to offer. You could play a game of golf here, or enjoy some quiet time at the Paul Sanders Park (this place is called the Tree Park by Brandon residents). Brandon originally gained attention as a suburb of Tampa, but it has now come into the limelight on its own. You can find bowling alleys, movie theaters, shopping malls, gaming and entertainment centers, clubs, bars, spas, cafes and restaurants that serve specialty cuisine. Brandon even has its own airport. There are a number of private and public schools in Brandon for grades PreK-12. Higher education needs are met by the Southern Technical College, which has a campus here.
Tampa, Florida, USA downtown skyline.
Saint Petersburg bridges

Home ownership made easy with Earnest

Fast. Easy. Low rates.

For first-time home owners, Earnest pre-approves the mortgage. This way, they needn’t go around looking at homes in Brandon and then seeing if they qualify. This is a waste of time. With a pre-approved mortgage, you only need tell your realtor the amount you qualify for, so that he/she can show you the right homes. You can then pick your dream home according to your requirements. If you already have a home in Brandon, get in touch with Earnest. Our fixed rate mortgage, when compared to your adjustable rate mortgage, means one of two things – either you will finish off paying the mortgage sooner or pay a lower amount towards the mortgage every month. Only Earnest makes it possible to have thousands of dollars left over in your pocket. This could be of immense help in an emergency.
Saint Petersburg bridges

Common Questions About Brandon Mortgage Rates

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.