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Earnest helps Summerfield dream home a reality

The average home price of a Summerfield home is calculated to be $171,200. According to Zillow, home values in the Summerfield area have gone up by 3.3 percent in 2015. The property prices in this part of Florida is estimated to go up by 3.5 percent within 2017. The average list price for every square foot in the Summerfield area comes to $118. The average prices of homes presently listed in Summerfield comes to around $197,950.
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A place to live a peaceful life without stress

No excitement, but a better quality of life and peaceful environment awaits

Summerfield came into existence in the latter part of the 19th century. The name of the place was derived from one Colonel Adam G. Summer, a land owner and local cattleman. One of the first buildings in the place was a post office. Summerfield at present is included in the administrative division of Marion County in Florida. The place has been provided the status of an unincorporated community. The location is convenient: where County Road 475A and US 301 intersects. This community is a component of Ocala Metropolitan Statistical Area. Golf clubs are the main recreational sources of the community. Other than a game of golf, the eating establishments attached to them serve excellent and hearty breakfasts and lunches. The views across the golf courses are an added boon.
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A mortgage which is exactly right for your needs

Get the best and the quickest home mortgages in Summerfield with Earnest

For first-time home buyers, the process of purchasing their first property can be an intimidating experience. With Earnest, all problems related to the application process becomes a thing of the past. The online exclusive application process makes the procedure simpler and faster. In case of the unlikely event of you having a problem, you can freely reach out to our extremely friendly client service team. They are a phone call away. Earnest will help you will get a rate which is comfortable for your lifestyle. Home mortgages take a long time to pay off. It may take years to pay off a mortgage. Many things, including financial condition, could change over time. Earnest can help you to obtain lower payment on the mortgage and can help you with refinancing plan.
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Common Questions About Summerfield 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.