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Make your dream house in Lutz a reality

Home values in Lutz went up six percent in 2015. According to Zillow, properties in the town will go up 3.1 percent within 2017. The average price of residential property on a per square foot basis comes to $131. Median price of residences within the town area is $286,130. Property prices in Lutz follow the same variations as in other cities. Prices of properties vary according to the locality. Central Lutz apartments cost more than the ones in the outer edge of town.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

A town with its origins from a railroad

Lutz offers a peaceful life with all the necessary conveniences

The first settlers to Lutz came from Tampa. The town was then a rural community. The community thrived and with the passage of time gained enough economic confidence to shake off the dependency on “Lutz Junction”. Demolishment of the junction happened during the latter part of the 1960s. Present day residents of Lutz have a number of outside-the-home activities to choose from. The list of shopping outlets include the Tampa Premium Outlets, Dan Balk Jewelry and Chapel Cigars. The beauty of the town can be enjoyed by riding the American Balloons ride. Keen golf players can make a beeline for TPC Tampa Bay, Heritage Harbor Golf Course, and Cheval Golf & Country Club. Cruise N Catch Excursions provide an extensive choice of outdoor activities. Those with a keen eye for fresh and local produce should visit the Friendly Family Farm.
Tampa, Florida, USA downtown skyline on the Hillsborough River.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

A mortgage perfectly suited to your needs

Earnest offers the smartest and the simplest home mortgages in Florida

With Earnest, buying a home for the first time is made much simpler and faster. The procedure will also be much less intimidating. This is made possible by a simple online application process. In case you face a problem, then the client service team is just a call away. Our team is extremely friendly and will help you to obtain the funds you need. We will make your home coming dreams real. A home mortgage is not something one can repay in a hurry. It takes a number of years to pay off a mortgage. It is almost certain that a number of things can change, particularly finances, over the years. Earnest can assist you with a refinancing plan. The process of refinancing will also help to use the built up equity of your home so that funds are available to you for large and sudden expenses.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Common Questions About Lutz 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.