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Lake Wales is a good mixture of fun and culture

For residents, Lake Wales is ideal because they can relax under the sun by the lake or they can explore the many historic buildings and monuments in the city. They can even indulge in some good-natured, scary fun at Spook Hill. Grove House is another relevant building as it is a guest house for Florida’s Natural – an agricultural cooperative that is owned by more than 1,100 growers. Historic buildings like the Hotel Grand– the tallest building in the city - are worth checking out.
Historic downtown business storefronts on a city block in Jacksonville, Florida.

Lake Wales homes are affordable

Condos to luxurious homes, Lake Wales can suit every buyer’s needs

Lake Wales is a small city but there is no lack of activities to do. From outdoor activities like boating and fishing, residents can stroll in the lush parks and indulge in flea markets, museums and wineries. The Bok Tower Gardens are one of the most popular places amongst residents. The Gardens are a lush, open area that is home to various lakes and small animals. Additionally, the Bok Tower hosts a small museum and offers an amazing view of the rolling hills from the top. Boat tours are also common in the area. The city is located between 2 highways and makes commuting to nearby cities effortless. Tampa and White Haven are two of the closest areas. Compared to these areas, home prices in Lake Wales is a mere $108,300. The cost of living is also lower than the state and national average.
Historic downtown business storefronts on a city block in Jacksonville, Florida.
Cocktails on the bar counter in night club.

Mortgage rates to entice every buyer

Forget about mortgage and focus on your dream home

Mortgages are one of the main factors standing between a buyer and their dream home. Rates vary incredibly throughout the year based on numerous circumstances. Current mortgages in Lake Wales stand at 3.3% for a 30 year fixed loan. This is lower than many surrounding areas and is more affordable for home buyers. At Earnest, we strive to get buyers the best mortgage rates possible and apply any discounts we can. Based on a buyer’s financial portfolio that includes more than just their credit score, weget the most affordable rates. Buyers can simply apply online and get access to all our features. Buyers looking to switch their mortgage terms or those looking at re-financing options can find all the help they need thanks to our expert client service team. We make sure all our clients get their desired homes at good rates.
Cocktails on the bar counter in night club.

Common Questions About Lake Wales 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.