Alert Message

Homestead Mortgage Rates- Get the pros to help you

Located close to Miami,Homestead is a part of the Miami- Dade county that lives up to its name. It is a quaint, little town charm gives you the feeling of living far away from the rush of the city yet it offers access to top notch amenities. Located between two major national parks, with plenty of entertainment options to choose from, Homestead is the perfect place to raise a family. Buy your Homestead villa right now, with our simple, affordable Earnest home mortgages.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background

Sunny Homestead can be your home now

Close to nature, access to major hubs, reasonable cost of living

From Biscayne and Everglades National Parks to 1,100 tons of hand carved coral at Coral Castle and then on to Miami Exotic Auto Racing at Homestead – Miami Highway- Homestead has it all. Whether you want an adrenaline rush or a quiet commune with nature, just step out of your home and you have it. Homestead has a variety of homes ideal for couples and families. Apartment units here are perfect for working professionals who prioritize affordable price. According to Zillow, the median home value here is $151,00 and home prices have risen by about 17% over the last year. The site also mentions the median price per square foot as $117, indicating that this is a more affordable location than the nearby Fort Lauderdale area. Analysts expect the prices to go up some more, which means that you want to buy into a Homestead property right now.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

Making Homestead mortgages quick and easy

Affordable rates, zero red tape and friendly customer service team

Finding a new home in Homestead or funding such a big purchase need not be a challenging task any more. At Earnest, we know that sifting through listings, checking price and visiting homes is tiresome. And when you start looking for Homestead home loan options, the task just gets even more terrifying. That’s where we come in. We make your house searching process simple and worry free and we take care of your mortgage too. Attractive low rates, customer first policy, an expert team of professionals- can you can see why Earnest is just the best.Now, what more could you ask for? Just talk to us now.
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

Common Questions About Homestead 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

People around a computer

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.