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Port Orange Mortgage Rates- Get the best deals

Located close to Daytona and Ormond Beaches, this city lies in Volusia County, Florida. Real estate prices have been on the rise here over the past year yet it is expected that they will continue to go up. If you are looking for a viable real estate investment, Port Orange homes are a good choice. Buy in now without worrying about high mortgage costs. Earnest has the right mortgage solutions for you.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

Beachside Port Orange homes await you

Good schooling, excellent job opportunities and quiet neighborhoods

Port Orange Median home price is $149,500 according to Best places and the strong employment trends here are only attracting more people to the city. For those buying property here as an investment, the average rental value of $1400 here is higher than neighboring Daytona Beach Metro. The sunny weather, and the friendly neighborhood are not the only appealing features of Port Orange. It is an A lister state when it comes to schooling and there are colleges and universities easily accessible from here. The residents profile shows that the community is educated and productive. Low crime rate, good climate and a responsive city council make living here a pleasure. For those who are the outdoorsy type, the proximity to beaches, the many outdoor entertainment options and the parks and nature trails are a great attraction indeed.
Tampa, Florida, USA downtown skyline on the Hillsborough River.
Pair of Macaw Parrots cuddling on a tree branch in a tropical setting featuring vivid gold, blue, red and green feathers and white faces.

Making Port Orange mortgages quick and easy

Low rates, easy paperwork, speedy approval

If locating your new home in Port Orange is easy when you have Earnest helping you, so is getting the mortgage that fits your budget. With a variety of Port Orange home loan options, friendly advisors to tell you what is what and excellent customer support to give you peace of mind throughout the mortgage period, we are the best people to trust for mortgages. Our mortgages come with attractive low rates and our customer first policy ensures that we give you an objective view of which option suits your financials best. Call us in now for help with mortgages.
Pair of Macaw Parrots cuddling on a tree branch in a tropical setting featuring vivid gold, blue, red and green feathers and white faces.

Common Questions About Port Orange 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.