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Mortgage rates at an all-time low

If a lush house on the secluded coastline sounds like heaven, Tall Timbers is the place for you. However, the cost of financing a house is on the rise across the country, and mortgage rates in Tall Timbers no exception. You should make your home purchase sooner rather than later, without any doubts about your investment. Let Earnest walk you through the process and help you secure the best possible price for your budget.

Tall Timbers has great homes by land or water

Find a luxury spot or an affordable abode

As a beautiful destination location by the water, Tall Timbers is a great place to vacation or to live. Oftentimes, luxury living doesn't come cheap, but at a median sale price of $319,250, homes in this area are affordable and luxurious. In Tall Timbers, you'll be investing in both a house and a lifestyle: here, you can enjoy coastal living with endless opportunities for breathing in the great outdoors. The area is truly a treasure. Tall Timbers has a low rate of crime and thriving job market, so while the homes are still a bargain, you will have to factor in a higher cost of living. However, you'll be purchasing a home of comfort and safety with a lively and active economy. Whether you decide to live along the river or further inland, you'll be proud to call Tall Timbers your home.

Earnest will help you finance your home

We offer more than just home loans, so a Tall Timbers house can be yours

Tall Timbers is a peaceful getaway on the water, perfect for those who like the finer things in life. But before you get too comfortable, it's important to get preapproved for a home loan--and take the stress out of shopping around. In Tall Timbers, Earnest's fixed-rate, 15- or 30-year mortgages range from 3.2 to 4 percent APR, according to Bankrate. If you need to refinance your Tall Timbers home, Earnest also has the capability to free up your assets so you can use them where you need them... now. For instance, if your home needs repairs or you need to make rennovations to accomodate a growing family, refinancing can give you the cash you need to add value to your property. In Tall Timbers, rates match the national average at around 4 percent APR for a 30-year refinance plan. Earnest can help you decide which options are best for you and your family.

Common Questions About Tall Timbers 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.