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Let’s help you buy a Home in Fleming Island

Fleming Island is a beautiful city situated in Clay County, Florida. The total city population was last recorded at 29,493. The city has grown significantly over the last few years as a strong housing market has driven growth. The per capita income is $34,374. Fleming Island in Florida receives about 52 inches rainfall each year and no snowfall. On an average, Fleming Island has 221 sunny days annually and July is the hottest month of the year.
Miami downtown at night, Florida, USA

Educational and Professional Opportunities

High-ranking schools and thriving businesses in Fleming Island

Fleming Island has 33 public elementary schools. In addition, it also has 38 middle schools and 14 high schools with a recorded enrollment of over 7,070 students in the public schools. Fleming Island High School is the biggest public school in Fleming Island with a population of 2084 students. The economy is a crucial factor to keep in mind when deciding to move to a city. As far as the business industry in Fleming Island is concerned, there are about 16, 186 business firms in Fleming Island, Clay County with less than ten employees. This is a positive indication of the thriving business community in Fleming Island. An additional 3,930 businesses report a staff of 10 to 50 employees. Around 690 businesses have somewhere between 50- 250 employees whereas 60 companies boast of over 250 employees.
Miami downtown at night, Florida, USA
Car is near the house drawn by hand on a sandy golden sea beach.

Fleming Island offers top medical amenities

Enjoy easy accessibility to the best hospitals in Fleming Island

The average selling price of a home in Fleming Island is $220,000. The percentage of owned homes is 80.24% whereas the percentage of homes on rent is 19.76%. Earnest can help you find the house of your dreams in Fleming Island and also guide you with excellent financing options! Healthy living isn’t just about residents having access to qualified and affordable doctors and medical facilities. It also focuses on the choices made by residents for lowering their health risks on a regular basis. Generally speaking, there are 18 emergency care hospitals located within a short distance of 60 miles available to the residents in Fleming Island. There is also a closely located Veteran’s hospital. Fleming Island enjoys a high ranking in the health statistics within the Florida state.
Car is near the house drawn by hand on a sandy golden sea beach.

Common Questions About Buying a Home in Fleming Island

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.