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Cocoa is a land of golden hued sand and calm waves

Cocoa is a lovely escape from the hectic work life which is a bane of other cities. The city has a clean and wide beach. Parking is free for residents and visitors alike. According to Zillow, the average value of a home in the city comes to $131,400. Residential properties range from basic single family homes to luxurious triplexes. In case of apartments, studios are available at the lower end of the scale; with large 5 bedroom homes filling out the top end.
Miami, Florida, USA downtown aerial cityscape.

Cocoa's got the river and beaches aplenty

Well connected and boasting stunning views of the Atlantic

This Florida city was and continues to be the vacation spot of choice for a number of International and American travelers. A number of television series were shot here and it still serves as a favorite shooting spot for films. Lori Wilson Park has a beautiful nature trail which meanders into a maritime forest populated by live oak and palmetto among other thick greenery. The effect is of living in a world cut off from the stress of civilization. Cocoa Beach is known for its consistent and calm waves. The water is adequately shallow to wade out and it is an excellent place to learn surfing. The Ron Jon Surf Shop is the world's biggest surf shop and is an icon in its own right. The shop is huge, encompassing about 52,000 square feet. It is open all through the day and night and sells every good necessary for the beach lifestyle.
Miami, Florida, USA downtown aerial cityscape.
Family day at the beach on Amelia Island, Florida.

Buying a home in Cocoa can be a cake walk

With Earnest, you can live in the dream home you always wanted

Home buying is an activity which needs to be done with extreme care. A number of factors must be taken into consideration when choosing a specific property from a wide selection. Earnest will help you to take a better and faster decision by analyzing both personal priorities and financial position of the home. The list of applicable factors include healthcare access, transport and recreational opportunities. You need to adjust your demands with your budget. The aim is to ultimately select a property that will best satisfy your specific needs.
Family day at the beach on Amelia Island, Florida.

Common Questions About Buying a Home in Cocoa

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.