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Deltona mortgage rates for quicker home buying

The mortgage rates in Deltona are currently lower compared to other cities. The current rate for a 15 year fixed mortgage is at 2.5%. Home buyers in the area can afford to get good homes for relatively low prices. The area is located between 2 major cities – Daytona and Orlando but is overall a large city with a small town vibe. Residents can entertain themselves by indulging in a variety of water sports, historical sites visits and more.
Orlando, Florida, USA downtown cityscape over the highway.

How much property can I afford in Deltona?

Ranches to mansions, Deltona can offer it all

Family homes with spacious yards, luxury homes with large open spaces, townhomes that are the center of the city – Deltona has a wide range of homes. According to AreaVibes, the cost of living is 4% lower than both the state and national averages.The cost of living consists of major factors like health, transportation, goods and services, housing and utilities. All of these are vital to a home buyers decision-making process. The city also good public schools with the average school test scores being in par with the state-wide average. Families can settle into the city with ease and enroll their kids in one of the city's 11 public schools. Unemployment rates are slightly lower than the national average of 6.30% and job opportunities are showing a recent positive surge, so those looking to resettle can do so without too much hassle.
Orlando, Florida, USA downtown cityscape over the highway.
Car is near the house drawn by hand on a sandy golden sea beach.

Get the best mortgages in Deltona

Acquire Deltona mortgages with ease

Home buyer Deltona is one of the greenest cities in the nation so it perfect for home buyers looking to live a busy yet peaceful lifestyle. Home buying isn't always a favorable process, especially when mortgages are involved. Earnest makes this process as easy-going as possible by using a combination of metrics and great financial planning. While mortgage rates may vary depending on where you choose to buy and other elements, Earnest can work to get you the best rate possible. Refinancing a mortgage Home owners re-finance their homes for various reasons – the most common being the need for emergency funds and for funding a new home. Re-financing requires careful planning and oversight to make sure that nothing goes awry. Earnest can take of the planning and provide you with a schedule for re-financing.
Car is near the house drawn by hand on a sandy golden sea beach.

Common Questions About Deltona 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.