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Haines City Home Buying with Easy Mortgages

Haines City average home prices are at $ 147,500 currently, according to Zillow and the location has witnessed a steady rise in home value over the last year. A significant 8% improvement has been recorded during this period and experts predict that prices are likely to go up further 6% in the coming year. This shows that demand is likely to remain fairly strong here, which means that home buyers investing in property right away will see good appreciation in the value of their new asset.
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A location that appeals to all

Low cost of living- one of the most attractive features of Haines City

If Haines City residents had to talk about only one thing that they love about their locality, they would highlight the low cost of living. This is a huge factor to think about when deciding where to live because it translates into a recurring drain upon your finances. The lower it is, the better you can save.According to Areavibes.com, the city scores 89 in cost of living index against the national score of 100. The cost of housing is lower, at 34% when compared with the national average. The low crime rate and clement weather are other major advantages of this area that draw more buyers to it. Haines City offers excellent access to a comprehensive range of amenities including healthcare in particular. This is one of the reasons this location is preferred by many older generation individuals, in general and retirees in particular.
Miami Florida skyline of downtown colorful skyscraper buildings

Find the best mortgages in market with our help

Looking for mortgages on easy terms? Earnest has the solutions

Demand from buyers continues to be strong here to make investing in a home a good move. The location is close to Atlantic Coast and the proximity to Orlando and Disney World makes Haines City an attractive place. For professionals, the presence of many world renowned brands closely accessible from Haines City acts as a major plus. Add to this, the low cost of living, the low crime rate and the reliable access to amenities and you can see that you should start thinking about a mortgage right away. Mortgage loans can break the bank if you are not careful and if you have a poor credit score, the terms of the mortgage can be really exorbitant. If this is a challenge you are facing, you need the help of Earnest experts. We offer mortgages on easy terms even if your credit score is less than perfect. Talk to us today to know more.

Common Questions About Haines City 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.