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Port Charlotte is the city you want to grow old in

Port Charlotte is one of the most liveable towns in the gulf coast, especially for seniors and those who do not like noisy crowds. It is a laid back, calm and composed little town that scores a great 67 on the livability scale. The town is mostly filled with residential neighborhoods and schools, so you can expect a life that is not interrupted. The job scene is getting better here over the last year, so even if you are not retiring, his town may have a place for you.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

A quite town with water and greenery everywhere

All the scenic coastal beauty sans the crowds and tourists

Port Charlotte is skirted by a few large cities and they may be the place to live and build a career, but when it comes down to settling down and building a family of even settling down post retirement, few places are as good as this one. It has been purpose built and well planned, making the place well laid out and the constructions here are more or less new. The city is well rated in terms of amenities and cost of living- both receive and A+. The climate is also amicable and is warm and comfortable throughout the year with summer temperatures staying in the 80's range and winter time temperatures dropping to the 60's. 98% of the population here commute by car as there is not much in terms of public transportation. Neighboring cities like Punta Gorda and North Port are considerably more expensive to live in as well.
Tampa, Florida, USA downtown skyline on the Hillsborough River.
family of two enjoying beach at florida

A fair mortgage that works for you

Earnest offers Mortgages based on real data, not abstract scores

First time home buyers will be aware of the fact that mortgage are not equal for everyone. It differs from person to person and if you are unlucky enough to have a less than ideal credit score, your rates are going to be sky high. At Earnest, we approach this issue in a more data driven and scientific way than most other places. You will be able to afford a home that you may think is just outside your reach. A mortgage is a long term loan, that means it is just not designed to be paid off quickly. Some of them can even be 30 years long. In all that time, the market is bound to see a few changes and if the rates suddenly start dropping and you are still stuck to your old payment schedule, contact Earnest about refinancing the mortgage. Experts say that a mere 2% in savings can go a long way, so call us today and learn more.
family of two enjoying beach at florida

Common Questions About Port Charlotte 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.