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Earnest knows Tarpon Springs's housing market

Last year saw the home values in Tarpon Springs going up 11.7%. According to Zillow, within the next year, the home values will rise 4.5%. Currently, $218,800 is the median home value in the city and $263,950 is the median price of homes listed. The per-square-foot median list price is $141 ($123 is the Tampa Metro average). 83% of the population in Tarpon Springs are homeowners. 40% of the population are single residents. 21.22% of the apartments and homes in Tarpon Springs are unoccupied.
Miami downtown at night, Florida, USA

Tarpon Springs is close to the Gulf of Mexico

Transport yourself to a coastal village in Greece without leaving Florida

Tarpon Springs is a prominent tourist destination. You can pet stingrays and baby sharks at the Tarpon Springs Aquarium. The city offers boat tours that cruise throughout the Gulf. The performing arts and cultural centers in the city is a favorite destination for artists from all over the country. You can learn the history of the city and about the Greek Community in the various museums located in the city. The job growth is been positive in the city. The cost of living is lower than the national average. The median household income is $47,932. 99% of the people in Tarpon Springs commute by car. Pristine architecture is showcased in historic estates located at Spring Bayou. The city offers diverse housing options. The Tampa International Airport is just 18 miles away from the city.
Miami downtown at night, Florida, USA
View of St. Petersburg. Saint Isaac's Cathedral from Palace Square in night

Earnest's mortgages are best in the market

You can refinance your mortgage with Earnest even with a bad credit score

Home values have gone up in Tarpon Springs in the recent years, however, it is still possible to get a budget-friendly home. The time to buy a home in Tarpon Springs is now. If you are putting off buying a home because you are worried that you will not get a mortgage because of your bad credit score, don't! Talk to us and we can find an ideal solution for you. Apart from your credit history, we also consider your current financial position and your future earning potential. If those two factors are satisfactory, we can approve your mortgage with a fair interest rate, and by fair, we mean, the lowest. We can get it approved faster as well so that you do not miss that dream home in Tarpon Springs. Earnest can help you refinance your mortgage as well. We can get you the best rate possible.
View of St. Petersburg. Saint Isaac's Cathedral from Palace Square in night

Common Questions About Tarpon Springs 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.