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A Lehigh Acres home is a good investment

The city has been named by NBC as the fastest growing community in the United States. Fort Myers comes second, but because of lower home prices in Lehigh Acres, more people choose to move here instead. Lehigh Acres has seen a 159.6% jump in population since 2000. According to listings on Zillow, a three-bedroom 1,300 square-foot home sells for around $150,000. You could also get a larger 3,000 square-foot home for $205,000 (and this is a relatively new construction).
Orlando Florida, Lake Eola. ( Photograph with the Phantom 3 Professional at 400 feet altitud. )

Life in Lehigh Acres

Experience the energy and the excitement!

The median age of a Lehigh Acres resident is only 33.3 years. Most of its residents are those who commute to Fort Myers for work. As of 2014, Lehigh Acres had a population of 106,747, according to the University of Florida’s Bureau of Economic and Business Research. The 95-acre Veterans Park in Lehigh Acres offers a place to relax. There are also facilities for sports, rock climbing and a dog park area. If you like the indoors more, there is the 12-lane Bowland Lehigh, where you can go bowling. Captain John Stark runs light tackle fishing and fly fishing expeditions to the Everglades. You could enjoy a good game of golf at one of the two gold clubs in Lehigh Acres. The Lehigh Community Pool is a heated eight-lane pool that is accessible all throughout the year. There are also plenty of opportunities for eating out and nightlife.
Orlando Florida, Lake Eola. ( Photograph with the Phantom 3 Professional at 400 feet altitud. )
View of St. Petersburg. Saint Isaac's Cathedral from Palace Square in night

Owning a home in Lehigh Acres is easy

Get yourself the Earnest advantage

If you are a first-time home buyer, you could take advantage of the Florida First Time Home Buyers Grant Program, under which you could receive up to $2,000 every year. You could kick this back into your mortgage and enjoy lower monthly payments. With Earnest, the rates are already low. It pre-approves your mortgage, so that you can look specifically at homes which you qualify for. For this, you could enlist the help of a realtor, or do it yourself. Driving around Lehigh Acres should give you a better idea of why this is a city you can call home. For those with families that include young children, several private and public elementary, middle and high schools serve PreK-12 education needs. If you already own a home in Lehigh Acres, consider Earnest’s refinancing plans to save thousands of dollars.
View of St. Petersburg. Saint Isaac's Cathedral from Palace Square in night

Common Questions About Lehigh Acres 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.