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Lake Mary is the perfect place to settle down

Lake Mary is beautifully positioned in Florida. It has a livability score of 75. That makes it, according to Areavibes, one of the most liveable places in the state. Florida by itself only has a 69 on the livability scale. The city is a sleepy little place that is filled with lakes and parks surrounding them. The job scene here is also promising with the income at a median level placed at 79% higher than Florida on the whole. Lake Mary is also only a short drive from Orlando.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background

A quite town with lakes and rich cultural history

Near Orlando, but also just about far enough

Orlando is one of the most visited cities in the USA. Many millions of people visit the city every year and is a major tourist hub. While many find this attractive, and it is certainly a great city to be in, for many others, the suburban life is more fruitful. The population here has grown by 37% according to a CityData estimate, so it is a sprawling city that works as the perfect bedroom town to Orlando which is only about 20 miles away. Lake Mary is well ranked in amenities and cost of everyday living. It gets a perfect A+ for amenities and it gets a decent D+ for cost of living. The climate gets a solid A. The average temperatures here are at a pleasing range of between 61 and 83 degrees on average. The air here 29% better than the national average and the pollution scale is 86% better than the US in general.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Your mortgage should fit you right

Mortgage rates should not get in the way of you moving into your dream home

There are a few things that you should do right before you get into a mortgage scheme. They are normally long term loans and you may be paying for up to 30 years at times, so make sure you get it right the first time around. Make sure you have the absolute best possible rates in hand before you put your signature on the contract. If you are a first time buyer, contact us to get the best rates in Lake Mary. Our specialty is creating schemes for first time buyers. If you feel like you are stuck paying a mortgage that is too expensive and one that need not be so, speak to us today about a refinance. Even a 2% change in rates can give you a significant amount of savings in the long term, if the market got more friendly, or if your financial position has improved, you can reduce your burden quiet easily.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Common Questions About Lake Mary 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

People around a computer

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.