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Buying a home in Palm City is a wise decision

Palm City is located in Martin County, Florida. It is a CDP (Census-Designated Place) that is part of the metropolitan statistical area,Port St. Lucie. It is governed by Board of County Commissioners. The cost of living is higher than the national average. The job growth is positive. The median household income is $68,313. Some of the best schools in Florida are located in Palm City. The crime rate is very low. There is easy access to good healthcare facilities in and around Palm City.
Miami waterfront skyline looking east along the Miami river

Palm City is part of Florida's Treasure Coast

Palm City has a rich history, pleasant weather and plenty of attractions

The natural beauty of Palm City is stunning, the place is home to various ecological habitats, rivers and lakes. Palm City offers many activities, including fishing, hiking, surfing and kayaking. There are a number of country clubs, yacht clubs and marinas in Palm City. The place is a popular destination for golfers, Palm City has more than 20 golf courses. The City offers a variety of dining options and a vibrant nightlife. There is no shortage of entertainment in Palm City. About 27% of Palm City residents are single. Almost all (99%) the people in Palm City commute by car. Port St. Lucie has a business-friendly atmosphere. The top employers in the metro area include Tropicana, QVC and a Wal-Mart distribution center. $11,899 is the amount spent by the Palm City public schools per student.
Miami waterfront skyline looking east along the Miami river
View of St. Petersburg. Saint Isaac's Cathedral from Palace Square in night

Earnest can find you the right home in Palm City

You can expect a fair mortgage rate from Earnest, the best in the market

Buying a home, by no means, is an easy task. From finding a home that suits your lifestyle in the right neighborhood to closing the deal properly, there are a number of steps involved. That, as well as finding a good mortgage deal to buy the home can be exhausting. However, if you choose earnest, we will ensure that the whole home-buying process goes smoothly for you. We will find you your ideal home in Palm City. Our online application process is very easy and fast, we can get you your mortgage with a fair (low) rate as soon as possible. Now, what if your credit score is bad? Earnest has a solution. We will look at your current financial position and your future earning potential and if we find them favorable, we can look past your credit score and get you a mortgage with a fair rate.
View of St. Petersburg. Saint Isaac's Cathedral from Palace Square in night

Common Questions About Buying a Home in Palm City

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.