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Take advantage of Tampa's low mortgage rates

Mortgage rates in Tampa are at historic lows. The area offers an outstanding inventory of affordable homes and condos that appeal to families, young professionals, and investors alike. Earnest simplifies the homebuying process, whether the neighborhood attributes you desire are family oriented and suburban or you're seeking vibrant nightlife, elite communities, or waterfront views. You can start the process of discovering your target price range right now with our simple calculator.
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Determine how much home you can afford in Tampa

Turning your dreams into reality is easy in beautiful, livable Tampa

Tampa is brimming with attractive single-family homes, condos, and lofts. Bay, riverfront, and green fairway views are available at Indian Shores or Apollo Beach, with its Caribbean vibe. Young professionals often prefer the trendier Hyde Park or SoHo. Trulia places the median home sale price in Tampa at $214,000, so review the comps for recently sold homes and current property taxes. Tampa neighborhoods vary widely in their atmosphere, attractions, walkability, and proximity to major thoroughfares or public transit. Commuting ease is a major consideration for families and professionals, while seasonal residents and retirees focus on settings and amenities. Tampa is a vast area, so be sure to compare safety statistics on each target neighborhood. In general, Tampa crime rates are only slightly higher than the national average.
Residential house on a lake with large yard in the springtime
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

Simply the finest home loan in Tampa

Easy, seamless application and attractive rates

Getting a preapproved loan is a savvy first step, whether you're seeking to buy a first home, a seasonal retreat, or a retirement haven. Mortgage rates vary depending on many factors, including ZIP code, purchase price, down payment, credit score, and also whether you're eligible for any discounts, like veterans benefits. Once you're preapproved, let the fun of finding your dream home begin! Refinancing can be a valuable tool for lowering your monthly payment or leveraging home equity to free up cash for major purchases like renovations and college tuition. Whether your goal is changing the loan term from 15 to 30 years, shortening the length of your loan, switching from variable to fixed or vice versa, Earnest will help you identify the option that makes the most financial sense and best serves your needs today—and tomorrow.
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

Common Questions About Tampa 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.