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Wesley Chapel has a lot to offer

One of Florida's biggest communities, Wesley Chapel's housing construction boom has encouraged an influx of settlements. Home prices and values have risen over the years, but residential real estate here is still affordable, with Zillow pegging the median home value at $239,000. At $1,450, median rent is also quite lucrative, surpassing Tampa Metro's $1,325. If you want to move to a serene community with abundant green spaces and ethnic diversity, Wesley Chapel is a good bet.
Miami waterfront skyline looking east along the Miami river

Work in Tampa, live in Wesley Chapel

A quiet and thriving family-oriented community

If there's one thing realtors and residents of Wesley Chapel will tell you, it is that the census-designated place is an up-and-coming hotspot with serious upside potential. Whether you're a young family, a retiree with no dependents, a property investor, or a professional looking for a highly livable community,Wesley Chapel won't disappoint you. Conveniently located in proximity to Interstates 75 and 275, as well as other major Tampacommunities, Wesley Chapel has grown at an accelerated pace since 2000. A number of communities with a variety of homes and diverse lifestyles have sprung up here. A good school system and a GreatSchools rating of 8 is a plus, as is accessibility to shopping and dining. Though Wesley Chapel has city conveniences such as malls, a sports complex and rotary clubs, it is tranquil and rustic for most part.
Miami waterfront skyline looking east along the Miami river
This family was having a great time swimming at the beach on Amelia Island, Florida. This was a hot July day.

A mortgage for every need

Finance your home with a competitive rate, at flexible terms

If you prefer a quiet life in the midst of a lush landscape instead of a fast-paced life, Wesley Chapel is for you. A number of communities have sprung up here, including Country Walk, Seven Oaks, Bridgewater, Lexington Oaks and Chapel Pines. We can help you match your needs with the best subdivisions and houses. In the purchase process, getting a mortgage is often the biggest hurdle. Finding a good deal on a mortgage doesn't have to be challenging or overwhelming when you collaborate with Earnest Homes. We cater to both first-time home buyers and existing owners looking to refinance their mortgage. With our easy online application process and a helpful, proactive client service team, navigating the mortgage process is painless. You'll find good rates and terms that don't burden you with expensive debt.
This family was having a great time swimming at the beach on Amelia Island, Florida. This was a hot July day.

Common Questions About Wesley Chapel 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.