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Earnest can offer the best mortgage rates in Largo

Largo is a great location to build a family in or settle down for retirement. It is a comfortably small city, but large enough to have wide open spaces, parks, lakes and beaches. The city is really good looking and scenic. The prices have plateaued off over the last few months and it seems like the perfect time to buy before the prices spike again. There are some highly rated schools in the city and it is well scattered, so a school is always within walking distance from any neighborhood.
Miami, Florida, USA downtown aerial cityscape.

A scenic, calm and composed city

Largo- an idyllic little bedroom city

Largo has always been a city that is in between; it's geography is so. There are a number of larger industrial cities all around and that makes Largo a bedroom town. What that means is that it is purely a residential area. People go for their jobs and work outside the city. Largo is neighborhood after neighborhood of homes, parks, lakes and the beaches. So you can work anywhere on the bay and come back home to Largo. Tampa is just a short drive away, so if you need to travel, it is just across the bay. The town scores 'very liveable' score of 72, it is a low cost living city and scores high on local amenities. It is also warm and sunny throughout the year, the average summer temperature is around 80 degrees. The median age of residents here is 48, making the crowd a bit more mature.
Miami, Florida, USA downtown aerial cityscape.
Brother sister and dog playing on sandy Florida beach in the summer sun

Does your mortgage work in your favor?

Contact Earnest before you buy a house in Largo

First-time home buyer First time home buyers are of two types; those with all the information and those who are completely clueless. In both cases, you tend to get stuck, not being able to move forward. That is why you need to contact Earnest when making plans to move into Largo. Our customer support team can take you through the entire process with ease and ensure you get the best value on your mortgage. Refinancing a mortgage At Earnest, we are well aware of the amount of time and effort it takes for you to get a mortgage working for you. At times, it can get quiet frustrating when after all that planning the market rate drops and you are stuck paying a higher rate for no reason. The rule of thumb is that if interest drops by 2%, it is the right time to refinance. Call us today to learn more.
Brother sister and dog playing on sandy Florida beach in the summer sun

Common Questions About Largo 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.