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Earnest knows Palmetto's current housing market

According to Zillow, home values in Palmetto have gone up in the past year by 11.8%. Currently, $188,200 is the median home value in the city. The median home price listed as of now in Palmetto is $229,900. The per-square-foot median list price in the city is $135 ($164 is the North Port-Sarasota-Bradenton Metro average). Zillow predicts that, within the next year, the home value will rise by 1.0%. As per Sperling's Best Places, 25.2% of apartments and homes in Palmetto are not occupied.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background

Palmetto has pleasant and safe residential areas

Palmetto has its fair share of festivals and events all through the year

Cinco de Mayo celebration, vintage car shows, multi-cultural festivals, fishing tournaments for kids and Easter egg hunt are some of the events and festivals offered by the city. The metro area as a whole has more than thirty golf courses. It was in the 1920s that the area became an attraction for real estate investors. The cost of living in Palmetto is still lower than the United States average. Recent years saw the job growth rate increasing by 5.19%. 98% of the Palmetto residents commute by car. Only 1% use the public transportation. Palmetto has several high-standard schools. The public schools in Palmetto spend around $11,065 per student. 80% of people in Palmetto own their own home. 32% are single residents. The median household income is $42,220. The economy of Palmetto is growing.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background
4th of July fireworks at Miami Beach, Florida.

Stressed about your credit score? Earnest can help

Getting your mortgage refinanced with a fair rate is easy with Earnest

It is true that getting a mortgage with a fair rate is very hard if your credit score is bad. Same is the case with refinancing a mortgage. However, at Earnest, it is not just your credit score that we look at. We look at your savings, your current financial position and your future earning potential. If we are satisfied with the number that we see, we will not only approve your mortgage but also get you the best rate possible based on the market conditions. Same is the case with refinancing your mortgage. The time to buy a home in Palmetto is now. Home prices have been going up in the recent years and it will only go up. Earnest can find a home in Palmetto that suits your budget. Owning a home in Palmetto can be a solid future investment. Palmetto is a great place to live as well.
4th of July fireworks at Miami Beach, Florida.

Common Questions About Palmetto 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.