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Earnest knows Winter Garden's housing market

2015 saw the housing market values going up by 7.1%. As of now, the median home value in the city is $236,600. $319,990 is the median home prices listed currently in Winter Garden. The per-square-foot median list price is $126 ($124 is the Orlando Metro average). Zillow predicts that within the nest year, the market home value will rise 5.5%. Around 28% of the population in Winter Garden are single residents. About 71% of them own their own home. Winter Garden is an ideal place for families.
Tampa, Florida, USA downtown skyline.

The commercial capital of West Orange County

Winter Garden has the lowest millage rates in Orange County

Winter Garden's historic Downtown has a number of restaurants, cafes and shops. There is a performing arts venue which is a favorite destination for artists from all over the country. Lake Apopka offers a variety of water activities. Hiking, fishing and horseback riding are some of the other activities that you can engage in, near Lake Apopka. The State Reserve run by Rock Springs offers camping areas, as well as activities such as canoeing and kayaking. Finding a job in Winter Garden is easy. The city has 9 schools. There are good healthcare centers in and around the city. Almost 98% of the Winter Garden residents commute by car. The cost of living is higher than the national average, however, considering the amenities that the city and its neighborhood offer, it is not surprising.
Tampa, Florida, USA downtown skyline.
Brother sister and dog playing on sandy Florida beach in the summer sun

The process of buying a home is easy with Earnest

Do not put off buying a home because of a bad credit score, talk to Earnest

Winter Garden is a very desirable place to live. The time to buy a home in the city is now. Whether you are looking for a condo or a single-family home or an apartment, we can find one for you that suits your budget. The whole process of buying a home can be a stressful affair, however, with Earnest, it can be a breeze. Our online application process is simple and fast. You can get in touch with our efficient and friendly client support team for any issues/queries. Earnest can get you a mortgage even if your credit score is bad. We can take a look at your current financial position, your savings, analyze your future potential earning and work out a mortgage rate that is fair for you. We can help to refinance your mortgage as well and that too at a competent market rate.
Brother sister and dog playing on sandy Florida beach in the summer sun

Common Questions About Winter Garden 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

People around a computer

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.