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Earnest knows Dade City's current housing market

2015 saw home values in Dade City going up by 17.4%. According to Zillow, within the next year, it will rise 5.5%. In the last 12 months, home appreciation has been up 11.5%. At present, $100,600 is the median home value in the city, $129,000 is the median prices of homes listed. The per-square-foot median list price is $89 ($123 is the Tampa Metro average). As per Sperling's Best Places, 13.59% of apartments and homes in the city are unoccupied. 74% of Dade City's population are home owners.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background

Dade City residents are very spirited and friendly

The air quality in Dade City is very good, according to EPA

Dade City is located in eastern Pasco County's rolling hills, it is Pasco County's county seat. The city is proud of its pioneer heritage and believes in its promising future. Dade City is a significant producer of the tart 'kumquat'. The famous Kumquat Festival is held downtown each year. 28% of the Dade City residents are single. The median household income is $36,167. About 97% of the people in Dade City commute by car. Local bus service is provided by the Pasco County public transportation on the Dade City routes No. 30 and No. 31. The cost of living in the city is lower than the US average. The job growth is positive in the city. There are 15 schools in the city. Higher education can be pursued from the Pasco-Hernando State College and St. Leo University located in the city.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background
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Earnest's mortgage rates are the best in class

Getting a mortgage approved with Earnest is easier than you think!

Getting/refinancing a mortgage is very difficult, if not downright impossible if your credit score is bad. Even if it is approved, the rate would be very high. However, Earnest has a process wherein it is possible to get/refinance a mortgage even with a bad credit score. What we do is we look at your current financial situation and your future earning potential. If we find those two factors favorable, we can bypass your credit score, and approve your mortgage with a fair rate. You can contact our client support team for more information. Dade City's economy is growing, the price of homes in the city are going up. Buy a home now and you will not only get a home that is reasonably priced but also a home whose value will only go up. Earnest can find the right home for you in Dade City.
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Common Questions About Dade City 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.