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Want to buy a home in Saint Augustine? We'll help!

Saint Augustine holds the distinction as the oldest city in America. It is a major tourist destination. Its historical character has made Saint Augustine one of the nation's most charming cities as well. Tourism is a major contributor to the economy of Saint Augustine. The bustling port of the city and the many financial and banking institutions located in the city also contribute to the city's economy. Earnest can get you your dream home in this historically significant city.
Miami downtown at night, Florida, USA

Saint Augustine has world class golf courses

An ideal place for senior citizens and retirees that is affordable

In 2012, CNN recognized Saint Augustine as one of the nation's best places to retire. According to Bloomberg, Saint Augustine is one of the most fun and affordable cities in America. As per Saint Johns County Council on Aging Executive Director, Cathy Brown, it is the quality of life in Saint Augustine that is attracting the older people and the retirees in hordes. The city has walkable areas and an excellent public transportation system. Living in Saint Augustine is not a hassle. Saint Augustine have decent healthcare facilities. The Mayo clinic located in the area provide excellent healthcare services. There are a number of schools in Saint Augustine that provide primary and secondary education. Colleges and universities in and around the city offer excellent opportunities for higher education. Saint Augustine has a pleasant weather.
Miami downtown at night, Florida, USA
Traffic jam on a highway dam in Miami, FL, USA.

Buying a home in Saint Augustine is a breeze

Earnest can get you a mortgage that suits your financial position

Retiring to a place where everyday living is not a hassle and spending the rest of your life peacefully is something that everybody dreams of. At Earnest, we can make that dream into a reality. We suggest that you buy a home in Saint Augustine as soon as possible. The Florida boom indeed caused the home prices in Saint Augustine to escalate, however, on a national level it remains reasonable. Earnest can find you a home that suits your budget. Earnest can get you a mortgage that is perfect for you. Even if your credit score is not ideal, we can find a solution for you.
Traffic jam on a highway dam in Miami, FL, USA.

Common Questions About Buying a Home in Saint Augustine

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.