Alert Message

Earnest helps you buy your new home in Winter Park

Winter Park is a residential town that is known for its luxurious houses. Over 14.5% of the area is water, that means there are a healthy number of lakes, canals, and other water features dotting the city. It is a nature lover's treat. If you like to walk, this city is well planned and filled with parks and other centers of recreation that make it perfect for evening lounging in peace. The traffic is also low and well controlled. The music, arts, and theater scene is also vibrant in the city.
Historic downtown business storefronts on a city block in Jacksonville, Florida.

A quiet, beautiful and scenic city

Winter Park does not need the beaches to be interesting

The city has grown gradually from a winter time resort to a booming city that is active, but laid back. The vibes in this city are relaxed and it is immediately apparent in the way people live here. The fast life is in the neighboring cities, not here. 68% of the population here are homeowners, but there are still a healthy number of homes that are up for sale. Mostly roomy family oriented homes that have multiple rooms and baths are scattered across the neighborhoods like Windermere and Tangelo Park. The city has an overall livability score of 75- extremely livable. It scores an A in amenities and weather, B on employment. The weather here is a major draw. It is temperate and comfortable throughout the year. It is never too hot or too cold in Winter Park. The average high is 82 degrees and the average low is 62.
Historic downtown business storefronts on a city block in Jacksonville, Florida.
Happy couple in white shirts standing at beach

Your mortgage should fit you just right

Your mortgage should fit you just right

If this your first time buying a home, you need to get the best prices with a repayment plan that suits your income, future income capacity and other variables. At Earnest, we create a profile that is tailor made to suit your mortgage needs. The entire process is online, so it is faster and the approval time for a new mortgage is a lot less than you'd expect. Now, it must be said that home mortgages last many years, sometimes up to 30 years, so it does not mean your payment situation or the market will stay as it is. In fact, rates rise and drop seasonally, in most cases, this is insignificant, but there are times when your savings on refinancing your mortgage can be helpful. If done right, your total number of installments or the amount you pay can be reduced. Refinancing at the right time can help you save a lot of money on your home
Happy couple in white shirts standing at beach

Common Questions About Winter Park 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.