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Earnest knows Davenport's current housing market

According to Zillow, in Davenport, the current median home value is $169,400. The median home price listed currently is $225,000. The median 'per square foot' list price is $112. 2015 saw the home values in Davenport going up by 5.8%. Zillow predicts that within next year, it will rise by 5.6%. People in Davenport usually work in office and administrative support, food service, and sales. Construction is the common industry in Davenport. The city has very little commercial enterprise.
Miami waterfront skyline looking east along the Miami river

A place that is ideal for people who like it quiet

Davenport has its own fair share of history, and entertainment and dining

The greater area of Davenport constitutes the western border of Osceola County and the southern border of Lake County. This is an area that is experiencing rapid growth. There are a number of hotels and restaurants in this area. Even though the city does not have a public transit system, getting around is pretty easy. There are a number of taxi companies in Davenport. Renting a car is not expensive. Since it is only a short distance to attractions such as the Walt Disney World, Universal Studios, and so on, Davenport usually sees a lot of tourists. The main advantage of living in Davenport is that you can live in a place that is less crowded yet have access to all the modern amenities in a short distance away. Davenport is an ethnically-diverse city. English is the preferred spoken language, however, some people speak Spanish as well.
Miami waterfront skyline looking east along the Miami river
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Earnest can get you mortgages that best suits you

Earnest can get you the best mortgage deal even if your credit score is bad

Buying a home for the first time is often scary. So many paperwork, money transfers, choosing the right mortgage, all can get on your nerves. At Earnest, we understand this. That is why we have made the home buying process as easy as possible for you. You can leave all the headaches to us. We will find the best house and mortgage for you It is imperative that you find the right mortgage for you, otherwise, you will struggle to make the monthly payments. Most often, if you do not have a good credit score, it is very difficult to get a mortgage. Even if you get one, the interest rate will be higher. At Earnest, we can find the best mortgage deal for you, even if your credit score is bad. We can also help you to refinance your mortgage, and that too at a rate that best suits the current market. Contact our client support team for any help.
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Common Questions About Davenport 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.