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Wellington mortgage rates suitable for everyone

Mortgage rates in Wellington are low with a 15 year fixed mortgage having an interest rate of 2.6%. For a city that has grown rapidly since 2000, that rate is astonishing and makes it an ideal location. The cost of living in the city is 20% higher than the national average but most residents seem content. It is a relatively young city compared to rest of the state, with a median age of just 40.6 years. Buyers that are still in doubt can consult their realtors to make an informed decision.
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Homes in Wellington at great rates

Wellington homes have everything to offer

Wellington is a city that is filled with arts and culture while being surrounded by some breathtaking parks and reserves. In terms of education, it has some of the best school districts in the state and the average Wellington citizen is well educated. In fact, reports show that the average test scores in the area are higher than the test scores in the rest of the country. Downtown Wellington is filled with shops, entertainment centers and restaurants. The Perfect Vodka Amphitheater hosts plays and musicals in their outdoor venue. The Wellington Amphitheater is also great for theatrical performances. The Panther Ridge Conservation Center is one of the main attractions of the city and attracts tourists. Equestrian centers are what the city is known for and it has top class centers for show jumping, dressage and polo.
Jacksonville, Florida, USA downtown city skyline on St. Johns River.
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Get the best mortgages in Wellington

Wellington mortgage rates customized for you

Right now, home buyers are presented with the perfect opportunity in Wellington as home appreciation is up 16% in the last year. For some buyers, mortgages are the only thing standing in the way. Since mortgages can vary on a day-to-day basis, home buyers tend to become wary. To tackle this, buyers should consider contacting Earnest. At Earnest, we aim to provide the best mortgage rates in the country and use our powerful systems to benefit our buyers. When approving mortgages, most companies only look at the credit score. We get past this and take a good look at every applicant’s unique financial portfolio. We use this to determine a financial plan that can help buyers get and repay mortgages. The same process applies for re-financing as our expert client service team can help you decide between the various types and terms involved.
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Common Questions About Wellington 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.