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The Villages is the perfect place to live

The Villages comprise of numerous well planned communities that are spread out over Sumter, Lake and Marion counties. It is home to one of the most active retirement communities in the country with a median age of 69.9. The city is located just 45 miles northwest of Orlando, making it easy for residents to travel to and fro. To complement it’s close proximity to a major city, The Villages have numerous commercial establishments to keep residents occupied.
Miami, Florida, USA downtown aerial cityscape.

The Villages is the perfect community for you

Sun, golf and relaxation at The Villages

The Villages is home to some of the most luxurious communities in the nation. Homes can start around $150,000 and could exceed $10.5 million for waterfront properties. The city is filled with all kinds of restaurants, numerous lakes, pubs and cultural locations. Apart from the high quality recreational centers, The Villages has more than 11 parks and trails for outdoor enthusiasts. The Sharon L. Morse Performing Arts Center is one of the residents’ favorite locations and has hosted numerous artists from all over the country. The Villages has 3 town squares - Lake Sumter Landing's Market Square, Spanish Springs Town Square and Brownwood Paddock Square – host nightly activities. Softball fields, a polo stadium, a woodworking shop and the Lifelong Learning College are great places for residents to indulge in activities.
Miami, Florida, USA downtown aerial cityscape.
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

The Villages’ best mortgages

Live in your dream neighborhood with Earnest’s help

As a buyer, you would’ve done a lot of research before selecting a home to buy. In areas like The Villages, many buyers require mortgages to get their dream home in a suitable neighborhood. At Earnest, we turn your frown upside down by offering the most affordable mortgage rates. Special rates for seniors, veterans and other groups can also be made available. Our large network of information and experienced client service team can help you get the home of your dreams at a good mortgage rate. The current mortgage rate in the area is quite consistent with the national average and stands at 3.3% for a 30 year fixed mortgage. As a buyer, you might also want to change the terms of an existing mortgage or re-finance your home. At Earnest, we can provide a detailed plan that helps you do both of the above with ease.
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

Common Questions About The Villages 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.