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Earnest knows Holiday's current housing market

Over the past year, the home values in Holiday have gone up 18.4%. Home appreciation is up 11.7%, based on the last 12 months data. At present, $76,700 is the median home value in Holiday, $89,900 is the median price of homes listed. The per-square-foot median list price is $80 ($123 is the Tampa Metro average). Zillow predicts that, within the next year, home values in Holiday will rise 6.9%. About 29.14% of apartments and homes in Holiday are unoccupied, according to Sperling's Best Places.
Miami, Florida, USA downtown aerial cityscape.

Holiday's air quality is very good, as per EPA

A place that is ideal for people who like to lead a calm and quiet life

Holiday is one of the hot vacation spots for many Floridians. It is an ideal place for families and retirees to settle down. Job growth has been positive in the recent years. The future job growth predicted over the next 10 years is 39.80%. The median household income is $36,575. There are 5 schools in Holiday. There are a number of healthcare facilities located in and around Holiday. The business-friendly atmosphere of Tampa-St. Petersburg-Clearwater metro area has proved economically beneficial for Holiday as well, the proof is in its strengthening economy. Holiday offers palm-shaded homes and traditional Floridian winter homes. You can see the influence of traditional Spanish architecture in many structures. You would be able to find many bright-colored homes in Holiday.
Miami, Florida, USA downtown aerial cityscape.
4th of July fireworks at Miami Beach, Florida.

A mortgage from Earnest means 'peace of mind'

Getting/refinancing a mortgage with a fair rate is easy with Earnest

One of the main reasons why a mortgage application gets rejected is because of a bad credit score. Most of the financial institutions will not even entertain your mortgage application if your credit history is bad. Even if your mortgage is approved somehow, it would be with a higher interest rate. However, at Earnest, we have a process to help those people whose credit score is bad, to get a mortgage. There is no catch, we simply look at your current financial position and your future earning potential and if they look promising, we can look past your credit score and get you a mortgage with a fair rate. We follow the same process while refinancing a mortgage as well. The time to buy a home in Holiday is now. Do not let a bad credit score get in the way of owning a home in Holiday.
4th of July fireworks at Miami Beach, Florida.

Common Questions About Holiday 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.