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Buying a house in Satellite Beach

The relaxed lifestyle and low crime rate makes Satellite beach a perfect place to settle down. The quite coastal city has good schools and Job prospects are very good with the median family income being close to $60,000 every year. The family incomes are on the higher side and that can be attributed to the high living standard. The cost of living is 12% higher than the average cost of living in Florida but with earnest’s best mortgage rates, getting the best house is not a problem.
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Satellite beach is a city of learning and growing

Satellite beach is a city of learning and growing

There are several schools in Satellite beach. Satellite Senior High School, Spessard L. Holland Elementary School, and Sea Park Elementary School are the best among the others. They are some of the highly ranked schools in Florida and provide top class education to the students. The good quality of schools and education makes Satellite beach one of the best places to buy a house and start a family. Awarded the first annual Florida Excellence in Coastal Management Award, Satellite beach is home to youth and public service programs. Each year over 10, 000 hours have been spent to make the city cleaner and better. It is also one of the first cities to establish solar panels in municipal buildings. It’s no wonder then that one of the best things about Satellite beach is its positive outlook towards community service.
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Buying a Satellite beach house is simple and easy

Don’t comprise on that perfect house, let Earnest help you

There is a variety of real estate to choose from in Satellite beach, be it an apartment or a property. The prices are rising each day and now is the time to buy that house. In a place like Satellite beach where finding affordable houses can feel like a herculean task, Earnest makes your life simpler. Earnest finds the best place for you depending on your requirements and offers the best low-rate loans. The rates earnest offers are very competitive and in some cases the lowest. For all your queries, customer support works around the clock and every solution to your loan related problem is just a call away. In addition to customer support, our agents can meet you as per your convenience. Call or have a face-to-face chat and we will make sure that the nest Satellite beach house is yours at the cheapest rate.
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Common Questions About Buying a Home in Satellite Beach

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.