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Find the Right Home Financing with Earnest

Bradenton has all the conveniences of a big city but retains its small town feel thanks to its lush green spaces, quaint waterfront downtown, and a multi-cultural community. Home prices in the city have risen over the past years, while median rent here is lower than that in Sarasota and North Port.Abundant arts and culture, a wealth of shopping opportunities, and excellent access to Tampa Bay beaches make Bradenton a desirable place to live for families, retirees and singletons alike.
Jacksonville, Florida, USA downtown city skyline.

A place of great culture and natural beauty

Bradenton is a fast-growing city with a strong identity

Bradenton's economy is growing at a rapid pace. Economic consultants predict that tourism, healthcare and the allure of a beach lifestyle will continue attracting home buyers to Manatee County. According to the Bradenton Area Economic Development Corporation, the local economy will be well supported by the life sciences, advanced manufacturing, distribution and logistics, and information technology industries. The city has 53 constituent neighborhoods. There is a mix of architectural styles, from 1920s bungalows and converted multi-family homes to 50s and 60s ranch-style houses, condos, and boating communities to the northwest. To the east of US301, you'll find some gated communities and newer, modern constructions. Planned communities lie to the east of I75 while Ellenton-Parish area is home to upscale neighborhoods.
Jacksonville, Florida, USA downtown city skyline.

A mortgage for every need

Partner with Earnest Homes, a trusted mortgage provider

Are you a first-time home buyer? It is natural for first-time home buyers to feel daunted by the mortgage process. There are several factors to weigh and decisions must be made taking the present and future into consideration. We make the process quick and easy with our online application and processing that saves you time and allows you to work at a pace comfortable to you. Our client service team is just a call away to answer your questions and guide you. Refinancing your mortgage? The goal of refinancing is usually to get a better interest rate and term. Want to move from a variable rate to a lower fixed rate or take cash out of your house to fund a large purchase? Refinancing is one of the best ways to access capital. Earnest can help you switch to favorable rates and terms, and also advise you on the process and applicable fees.

Common Questions About Bradenton 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.