Lake Mary is the perfect place to settle down
Lake Mary is beautifully positioned in Florida. It has a livability score of 75. That makes it, according to Areavibes, one of the most liveable places in the state. Florida by itself only has a 69 on the livability scale. The city is a sleepy little place that is filled with lakes and parks surrounding them. The job scene here is also promising with the income at a median level placed at 79% higher than Florida on the whole. Lake Mary is also only a short drive from Orlando.
A quite town with lakes and rich cultural history
Near Orlando, but also just about far enough
Your mortgage should fit you right
Mortgage rates should not get in the way of you moving into your dream home
Common Questions About Lake Mary 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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