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Earnest knows Winter Springs's housing market

In Winter Springs, $228,600 is the median home value. $266,950 is the median value of homes listed currently in Winter Springs. The per-square-foot median list price is $131 ($124 is the Orlando Metro average). The home appreciation in 2015 has been 14.80%. Over the past year, the home values in Winter Springs have gone up 9.3%. According to Zillow, within the next year, the value will rise 5.7%. The city's steady development can be attributed to the Central Florida region's growth as a whole.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.

Winter Springs has a low crime rate

Most of the city's population are permanent residents who love their city

The city was initially incorporated as North Orlando. Then, in 1972, the city incorporated its name to Winter Springs. Based on land area, the city is the largest in Seminole County. Winter Springs have high-quality, suburban-style residential neighborhoods. The quality of life is excellent. The city was voted in 2011 as the 97th best place to live in America by Money Magazine. Winter Springs have over 125 acres of public park space. There are ample opportunities for recreational activities. It is just a short drive to Florida's many top beaches from the city. Winter Springs' consistent nice weather has made it a favorite place for many outdoor activities. There are a number of good healthcare facilities in and around the city as well. There are 2 international airports near to the city.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.
family of two enjoying beach at florida

A mortgage that will not financially burden you

Earnest can get you a mortgage, as well as help you refinance a mortgage

Finding, and buying your ideal home is not an easy task. Searching for houses, looking for a mortgage with fair rates, doing all the paperwork, all can really stress you out. Since the money involved is not a small amount, you have to be extremely careful at each step. Earnest can help make the whole home-buying process easy, and a pleasant one for you. Our online application process is simple, and fast. We have an ace client support team. We can get you a mortgage with a really low-interest rate. We can help to refinance your mortgage as well. Most often, if your credit score is bad, you may not get a mortgage or the interest rate will be higher. At Earnest, we consider your savings, current earnings, and future potential earning as well, so we will be able to get the best deal for you.
family of two enjoying beach at florida

Common Questions About Winter 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

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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.