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Palm Coast is the ideal city for everyone

One of the most peaceful cities in Florida, Palm Coast is part of Flagler County along with the Deltona - Dayton - Ormond Beach metropolitan area. It is a relatively new city in that it was incorporated less than 2 decades ago but it still has a lot of history behind it – just take a look at the architecture in some of the sections.The city was hit hard during the recession but is still growing tremendously as more residents and businesses move in.
Residential house on a lake with large yard in the springtime

Experience serenity in Palm Coast

A city on the rise

With over 125 miles of biking/hiking trails and 19 miles of pristine beaches, Palm Coast can cater to both residents and tourists. The city is uniquely organized, in that it is divided into alphabet-based sections. Section C is one of the oldest sections while Section F is more recent. It's a great place to have fun as the beaches are peaceful and most of them are pet-friendly. Moreover beaches in the area are not lined by large resorts and condos, instead, you get to feel the ocean breeze as you peacefully walk along the beach. Homes in the area are diverse with some sections hosting older homes and others being recently developed. Gated communities, oceanfront communities, golfing communities and other communities are present in the area. Depending on what you are looking for, the right home can be found with ease.
Residential house on a lake with large yard in the springtime
Group of friends jumping from the boat. having fun on the yacht and in the water

Palm Coast home buying made easy

Earnest is the ideal choice for home buyers

On average, homes in Palm Coast cost around $158,000. This amount will vary depending on the section, available amenities, type of home and more. According to Trulia, homes currently start around the $115,000 mark and could run into the millions for larger homes in more established areas. When buying a home, buyers also have to consider the distance from the beach, accessibility to schools, offices and other shops/ restaurants along with travel. Making all of these decisions is not an easy task and buyers often feel overwhelmed. Earnest is the easiest solution to avoid being overwhelmed as they take stock of all your priorities in addition to all your financial information and then suggest the perfect homes for you. To make the buying even smoother, Earnest also offers mortgages at the best possible rates.
Group of friends jumping from the boat. having fun on the yacht and in the water

Common Questions About Buying a Home in Palm Coast

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.