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Earnest knows Inverness's current housing market

2015 saw home values in Inverness going up by 15.8%. According to Zillow, $104,300 is the current median home value in the city, $125,000 is the median price of homes listed. The per-square-foot median list price is $84 ($94 is the Homosassa Springs Metro average). 87% of Inverness's population are home owners. As per Sperling's Best Places, 16.96% of apartments and homes in the city are unoccupied. Housing in the city is mostly comprised of single-family homes. Apartments are also available.
Jacksonville, Florida, USA downtown city skyline.

Inverness is the county seat of Citrus County

Inverness is a beautiful quiet city, ideal for a peaceful and quiet living

Inverness is home to the historic Citrus County Courthouse, which is featured in the Elvis Presley movie 'Follow That Dream'. In 2009, the national veterans' organization Forty and Eight named Inverness as the 'City of the Year'. The Inverness Airport is located next to the Citrus County Speedway. Inverness's Lakes Region Library offers a number of recreational classes, including painting, Tai Chi and various teen programs. The air quality in Inverness is very good, EPA has given it 87 on a scale to 100. The water quality is also good, 80 on a scale to 100. About 39% of Inverness residents are single. The median household income is $36,875. The cost of living is low. The city has good schools and efficient healthcare centers. The job growth in the coming years is predicted to go up.
Jacksonville, Florida, USA downtown city skyline.

Ensure a fair mortgage rate with Earnest

Refinancing your mortgage with a fair rate is easy and fast with Earnest

When you apply for a mortgage, the first thing that the banks/other financial institutions check is your credit score. If they find that your credit score is bad or not up to the mark, most of them would straightaway reject your application. Even if it is approved, you would have to settle for a higher rate. However, at Earnest, we have a process where we can look past your credit score, take into consideration your present financial position and your future earning potential and approve your mortgage with a fair rate. We follow the same process while refinancing a mortgage as well. Earnest's mortgage rates are fair and by fair, we mean, the lowest possible based on the market conditions. We can get you a mortgage or refinance your mortgage as quickly as possible as well.

Common Questions About Inverness 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.