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Easily get a mortgage in Venice

Venice offer its residents the opportunity to live the perfect life. Residents can live balanced and healthy life. Unlike busy cities and popular tourist locations, Venice offers a mix of peace and activity. You can never get bored in the city as there are so many things to see and do, Home buyers must consider Venice, as the rates in the area are shockingly low compared to what the city has to offer.The current mortgage rate in the city for a 15 year fixed loan is 2.5%
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background

Venice is the home you've been looking for

Settling down in Venice could be the best move you ever make

With a population just over 20,000, it is easy to assume that Venice is a small city. On the contrary, it is a popular tourist location because of its proximity to Venice Beach. Some areas do offer residents a quiet life but most of the city is active. The city also has an air of calmness to it and an ocean breeze is present throughout the day.Venice Avenue is one of the most popular areas in the city. The cost of living in the city is slightly higher than the national average but is still affordable. Facilities have been provided for every age group and residents have little to complain about. There are great schools for children and senior communities for older citizens. The city has large manors priced in the millions but it also has smaller homes for around $150,000.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background
Happy couple in white shirts standing at beach

Customized mortgage rates for Venice homes

Buy a home in Venice effortlessly

As the word spreads about how good the city is, home prices in the city are on the rise. As a result of this, some buyers will need to procure a suitable mortgage or re-finance existing ones. Earnest can be the best partner to work with as we offer affordable mortgage rates and save you money. Since mortgage rates vary based on different factors, buyers might not always get their ideal rates when doing research. Earnest's client services team can walk you through the process and determine the best mortgage for you. The same applies for re-financing as we look at individual, detailed buyer profiles and make the most comprehensive plan. Re-financing can be a burden as buyers have problems with repaying mortgages but Earnest can help you stay on track. We can also help you decide between the different types of mortgages and time periods.
Happy couple in white shirts standing at beach

Common Questions About Venice 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.