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.
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
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.
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.
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.
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.
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
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.
The average savings calculation is the sum of all projected savings divided by the number of clients included in the projected savings calculation. These calculations assume that clients’ interest rates will not change over time, that clients make all payments on-time, and that no loans will be prepaid.
Here’s what our math includes:
Projected savings for clients who provided outstanding balance, APR, and current monthly payment amount for their existing student loan(s)
Both fixed and variable rate loans
And here’s what our math excludes, and why:
Savings from any client who stated that the current interest rate on their loan was greater than 12%. (Why: this is intended to filter out any cases where client error may skew the savings calculation higher.)
For any client who stated that the projected term of their loan was greater than 25 years, we do not include in our calculation any additional savings that might be realized if their existing loan were to take longer than 25 years to pay off in-full. (Why: 25 years is the maximum term allowed for a Federal student loan, or the cap on any Federal student loan under Income Based Repayment.)
Savings from any client whose indicated monthly payment was not sufficient to pay down the loan balance over time. (Why: this is intended to filter out any cases where the client misstated either their monthly payment amount, interest rate, or both.)
All refinancings by clients who chose a longer term than their existing student loan. (Why: some clients choose longer loan terms to match their monthly loan obligations to their unique life circumstances; while we encourage clients to take advantage of Earnest’s flexible term and monthly payment features, these cases are not indicative of the savings that result from lower rates through better data.)
Explanation of Rates “With Autopay”
Rates shown include 0.25% APR reduction where client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.
Explanation of Precision Pricing™ Savings
Savings calculations are based on refinancing $121,825 in student loans at an existing loan servicer’s interest rate of 7.5% fixed APR with 10 years, 6 months remaining on the loan term. The other lender’s savings and APR (light green line) represent what would happen if those loans were refinanced at the other lender’s best fixed APRs. The Earnest savings and APR (white line) represent refinancing those loans at Earnest’s best fixed APRs.
Savings is computed as the difference between the future scheduled payments on the existing loans and payments on new Earnest and “other lender” loans. The calculation assumes on-time loan payments, no change in interest rates, and no prepayment of loans.
Individuals portrayed as Earnest clients on this site are actual clients and were compensated for their time to participate.