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Port Richey mortgage rates at their best

Port Richey is a hot spot for home buyers right now and its mortgage rates provide buyers with a great opportunity. A 15 year fixed mortgage has a mortgage rate of only 2.5%. Families and singletons can all fit right in here. The weather is close to perfect throughout the year with temperatures consistently being around 60 degrees Fahrenheit to 80 degrees Fahrenheit. Cafes, theaters, shopping centers, beaches, parks, anything else one might need is available in the city.
Miami downtown at night, Florida, USA

Port Richey is the perfect place to call home

Your dream home is in Port Richey

Port Richey has some notable names attached to it. It was pioneered by Andrew M. Richey, and was incorporated in 1925.Hollywood legend Johnny Cash and his wife, owned a home here. They eventually sold it before their deaths in 2003. It is also home to a small time record label. Apart from all this history, residents can visit the Werner-Boyce Salt Springs State Park or the various harbors and piers along the coast. Most of the coast is lined with single mansions or gated communities but public areas are aplenty. The added benefit of the proximity of Tampa and St. Petersburg makes the city even more alluring. The unemployment rate is 45% lower than the national average. Residents can never run out of things to do in the city and even if they do, nearby big cities provide ample ways to pass time.
Miami downtown at night, Florida, USA
Orlando, Florida cityscape and skyscrapers with reflections of Lake Eola at night with palm trees, fountain and swans.

Find the best mortgage rates in Port Richey

Mortgage and Re-financing made simple by Earnest

Port Richey is nothing short of perfect. It can offer residents everything they could do and it's proximity to nearby cities is a big plus. Home prices in the area might not be perfect for every buyer. This is where mortgage and re-financing comes in. Buyers are faced with the additional task of sorting through numerous mortgage and re-financing plans before finding the right one. With Earnest, you can focus on buying your dream home and leave the mortgage process to us. Online application is all that is required before our experienced team will take a detailed look at multiple deciding factors. These factors include your current and future financial situations, savings and others. Our team will then present you with the best possible mortgage rates and provide a concise plan for repayment. The re-financing process is also quite similar.
Orlando, Florida cityscape and skyscrapers with reflections of Lake Eola at night with palm trees, fountain and swans.

Common Questions About Port Richey 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.