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Owning a home in Sanford is a sound decision

According to City Data, the median price of a home in Sanford is $102,813. This represents a jump of 40% from 2000, and property prices continue to increase as more people move into Sanford. In fact, half of its 57,525 residents migrated here after 2000. A four-bedroom 2,100 square-foot home costs $120,000 to own. With a mortgage of around $400 per month (this is dependent on how much you can afford to make as a down-payment), that works out cheaper than the median rent of $914 for Sanford.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.

Why living in Sanford is a great idea

It is a place you can call home

Sanford is spread over 26.5 square miles. Apart from the ‘Imagine Sanford’ initiative, by which you can make suggestions for the development of the city, there is also a marina. Sanford is located by Lake Monroe (this is part of St. John’s River), so you can go boating, kayaking or fishing. Three parks, including a dog-friendly one where you can let your best friend off-leash, help Sanford residents relax. Families eagerly look forward to the Central Florida Soapbox Derby every year, and there is the Orlando-Sanford International Airport where you can also sign up for flying lessons. Temperatures are pleasant, ranging between 50°F and 90°F throughout the year. Several private and public elementary, middle and high schools cater to PreK-12 education needs, while the Seminole State College of Florida serves the cause of higher education.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.
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The Earnest mortgage

Low rates and simplified paperwork make it an easy process

If you are a first-time home buyer, get in touch with us to learn more about the Florida First Time Home Buyer Grant Program. You could get between $5000 and $15,000 as a grant. This could mean a lower monthly mortgage payment when the amount availed as the mortgage is lesser. Earnest’s low rates guarantee that it will never be a drain on your pocket. If you already own a home in Sanford, Earnest’s low rates could help as well. A refinancing plan could result in you saving thousands of dollars when you move to a fixed rate mortgage from an adjustable rate mortgage. This also protects you from rate increases in the future. And what better time than now, when interest rates are already at their lowest?
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Common Questions About Sanford 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.