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Leesburg is a great city to grow old in

Leesburg is really liveable, in fact, when compared to surrounding cities, it scores really well on the livability scale with a total score of 62, which is quite impressive. It is a fairly small town, but not a place that is cramped in any way. The entire town is locality after locality of residential neighborhoods and you can expect a life that is uninterrupted by the hustle and bustle of everyday life. The job scene is strong here, so, if you are looking for work, Leesburg can be ideal.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background

A quite town with lakes and canals everywhere

Near enough to the city, but just outside the reach of tourists

Leesburg is just 40 miles from Orlando, one of the State's biggest and most crowded cities. Orlando is a hotbed for tourists as well. After the opening of the Disney world here in the 70's, the city sees around 50 million people every year. Leesburg is just far enough from the city to not have to deal with that many people. The town is a quiet place and is surprisingly peaceful throughout the year. The city is well rated for cost of living and amenities- both receive an A+. The cost of living index here is highly scored with most of variables scoring in the 90th percentile. The city also gets a strong A for weather. The average highs in the state are around 82 degrees and the average lows are 60 degrees. That is a really comfortable sunny range of temperatures and the city receives sun throughout the year.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background
big tent for the adults and small tent for the children at campground

Tailor made mortgages wait for you

Earnest uses the most data driven methods for mortgages

Not everyone's home needs are the same, but all of that can get cut short if you are unable to secure the right mortgage. It gets worse when your credit score is not up the requirements. We do things differently at Earnest and employ a method by which we take into account a number of other metrics beyond just your credit score to make the process simple, more accurate and give you a rate that is fair and unique to you. Mortgages being as long as they are bound to come into a number of changes, not only from your side, but also from the side of the housing market. Bank rates may change, your income may increase and your circumstances may vary significantly. A lot of these changes can translate to big savings if you refinance at the right time, giving you funds to invest, add to your savings or to make large important purchases.
big tent for the adults and small tent for the children at campground

Common Questions About Leesburg 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.