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Longwood is a live-long-term kind of city

Longwood is, according to areavibes, one of the most liveable cities in the region, especially for those looking to settle down for the long term. The city scores an excellent 75 on the livability scale- it is extremely liveable. If you are not a fan of bustling city life, this town is just the place for you. There is little to do here and that is nothing but a positive. The schools here are well scattered, you are likely to find one in your neighborhood.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background

Longwood is great if you want some peace and quiet

Live here, work in Orlando,

While there may not be many jobs in Longwood, with the largest employer being the South Seminole Hospital, you will be glad to know that Orlando is a mere 31 miles from here. That is a 30 minute drive, it can realistically be done everyday. It is surrounded by schools, colleges, and is a city that was originally intended to be a residential center, so it has every amenity that you would ever need. The city receives an A+ for amenities and an A- for cost of living. Longwood gets an A for weather with summer temperatures averaging at 81 degrees and winter is at 61 degrees. The air quality here is 29% higher than the national average. The pollution levels here are an astounding 86% less than the national average. There are a number of wooded regions surrounding Longwood famed for being the home of some of the oldest trees in the world.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background
Rear view of a family canoe ride down a beautiful tropical river.

Get a mortgage that keeps you comfortable

Earnest offers the best repayment plans

If you are looking to buy your first home, make sure you get a house that you really want to live in for a long time. Towns like Longwood are likeable and will probably draw you in for the long haul. So before you get ready to start house hunting, approach Earnest. We have a unique way in which we calculate mortgage rates and create repayment plans that are not burdensome. There may also be times when you might have just chosen the wrong time to get your mortgage. The market might have been at a rocky stage, you might have rushed with it, or mistimed the deal. If you feel like you did not get a good deal and that you could have done much better, contact us today. We can work out a refinance that saves you time and money. Even a 2% saving can, in the long term work out to a massive amount of money.
Rear view of a family canoe ride down a beautiful tropical river.

Common Questions About Longwood 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.