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Why a Plant City home is a good investment

According to City Data, the median price of a home in Plant City is $133,214 (as of 2013). Property prices have appreciated by over 61% since 2000, and a home here would mean you could take advantage of this. There is something to suit all tastes and budgets. From a brand new two-bedroom 1,150 square-foot home costing around $65,000 to a four-bedroom 2,350 square-foot home that costs ten times as much, you can find everything here. So much that you will be spoilt for choice.
A Front Exterior of a Florida Home

Living in Plant City

There is plenty of family fun to be had here

You could head out to the Keel & Curley Winery for wine-tasting experience, or taste local brew at the Two Henrys Brewing Company Tasting Room. The Robert W. Willaford Railroad Museum is a good way of learning how the railroad put many small towns on the map, including Plant City. There aren’t any operational vintage trains in Plant City, but the Plant City Train Viewing Platform offers you the chance to see Amtrak and CSX freight trains as they pass by. Metals and Nature features metal works of art located in a two-acre park replete with birds and animals. The Family Bowl is where you can go bowling; and a game of laser tag can also be enjoyed downtown. Plant City is well served by a network of both public and private schools that cater to PreK-12 education needs.
A Front Exterior of a Florida Home
Rear view of a family canoe ride down a beautiful tropical river.

Find out why the Earnest mortgage is different

It is so easy, that you will feel it is a dream!

First-time home buyers can take advantage of the Florida First Time Home Buyers Program, and receive $5,000 – $15,000 as grant. You could get up to $2,000 every year. Coupled with Earnest’s low rates (which mean reduced monthly mortgage payments), home ownership will be extremely easy on your pocket. The median rent is $846, but depending on the price of your home, the monthly mortgage payment could work out to be less than half that. Earnest pre-approves your mortgage so that you can look at homes that you qualify for, and make the right buying decision. If you already own a home in Plant City, refinancing it could be a good idea. With a fixed rate mortgage, you save thousands of dollars compared to an adjustable rate mortgage. If you kick these savings back into your mortgage, you could finish paying it off the sooner.
Rear view of a family canoe ride down a beautiful tropical river.

Common Questions About Plant City 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.