Alert Message

Buying a house in Ocala, Florida? We can help

Ocala is a dreamscape of oak tree bordered community pathways picturesquely interspersed with trellises of fairytale like Spanish moss. It is a slice of untainted nature. According to Zillow, the average home value is $117,000, and the average price comes to $89 per square foot. Properties come in a variety of flavors, from studio to five and more bedrooms. You can choose from single homes to triplex or more luxurious places. With Earnest, you can find your dream home in this wonderland.
Tallahassee, Florida, USA downtown skyline.

Ocala is miles of unspoilt nature

Freshwater streams, clean air and beautiful rolling hills

Located to the northwest of Orlando, with Gainesville to its north, Ocala is a paradise of horse pastures. The Marion County landscape is speckled by about 700 horse farms. No wonder then as to why Ocala has been unofficially termed the world's horse capital. Ocala National Forest is a major draw, being the second biggest national forest in the United States. Bordered on its eastern frontier by the St. Johns River and by Ocklawaha River in its west, the forest covers 400,000 acres. Heaven comes in the form of crystal clear springs, rivers and stunningly beautiful lakes. You can kayak, hike and bike in and around them. The scenery is truly spectacular! Silver Springs State Park, one of the oldest tourist attractions in Florida, is also located just a short distance away from the beautiful pine forests.
Tallahassee, Florida, USA downtown skyline.
Group of friends jumping from the boat. having fun on the yacht and in the water

Buy into Ocala's rich history with Earnest

Live in a world of sunshine and moderate cost of living

Ocala offers a highly desirable mix of prime location and affordable prices. Property values remain stable as well. Earnest will help you choose your ideal from a mix of postcard perfect single family homes, affordable budget homes, charming townhouses and classically designed historical homes with elegant interiors. We offer excellent deals for families, first-time homebuyers, commuters and retirees alike. Earnest specialize in representing buyers' best interests all through the home purchasing process. Our premium quality services saves both money and time.
Group of friends jumping from the boat. having fun on the yacht and in the water

Common Questions About Buying a Home in Ocala

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.