Alert Message

Own a home in Riverview, Florida

According to City Data, the median price of a home in Riverview is $152,700 (as of 2013). But not all homes sell for around this price. An 800 square-foot home can be had for a mere $12,900. If you have a family and would like more space, you could get a four-bedroom 2,100 square-foot home for just $48,500. The best part if that Tampa is less than 20 minutes away. More people are discovering Riverview and flocking here. The city has seen an increase of 490% in its population since 2000.
Residential house on a lake with large yard in the springtime

Why become a Riverview resident?

The real question is, why shouldn’t you?

The city is home to 71,050 (accurate as of the 2010 census). There are plenty of fun things to do and interesting places to visit in and around Riverview. The International Independent Showmen’s Museum is perhaps the only one of its kind in the world. If you like marine wildlife, you could visit The Manatee Viewing Center and see them in their natural habitat. The Balm-Boyette Scrub & Triple Creek Nature Preserve gives you a chance to experience the great outdoors. If hiking isn’t to your liking, you could cycle along the biking trail here and take in the fresh air. Riverview is served by several private and public elementary, middle and public schools that cater to the PreK-12 education needs of its residents. For higher education, the University of Tampa, and the University of South Florida are both less than 20 minutes away.
Residential house on a lake with large yard in the springtime
Brother sister and dog playing on sandy Florida beach in the summer sun

Why owning a home in Riverview is easy

Earnest makes the difference

If you are first-time home buyer, Earnest pre-approves the mortgage for you. The median gross rent payable in Riverview is $1,320, but with Earnest’s low rates, it will be cheaper to own a home. Once you get pre-approved, you can get in touch with a realtor to look specifically at homes that are priced just right. It then becomes so much easier to find your dream home in Riverview. If you already have a home in Riverview, get in touch with us. Earnest offers fixed rate mortgages. When compared to the Adjustable Rate Mortgage that you may be on, Earnest’s refinancing plans can save you a lot of money. These thousands of dollars could be better spent on something you need, or serve you well in case of an emergency. If you choose to forego this financial advantage, you get another benefit – you will finish off paying the mortgage sooner!
Brother sister and dog playing on sandy Florida beach in the summer sun

Common Questions About Riverview 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.