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Thinking of buying a home in Vero Beach, Florida?

Vero Beach exemplifies what living in Florida is all about. There is a magnificent view of the ocean to be had, and by all counts, the city has been described as ‘elegant’. According to listings on Zillow, home prices could be as high as $750,000 for a premium property that has been elaborately furnished with the finest materials. At the other end of the scale, you could also purchase a 1,400 square feet two-bedroom home for as low as $10,000. And this offers an equally great view of the water.
Tampa, Florida, USA downtown skyline.

Enjoy living in Vero Beach

There is so much to do, and a lot of fun to be had

Vero Beach measures just 13 square miles in areas and is home to 16,017 residents. There are 26 miles of coastline and three main beaches that have lifeguards. But swimming, snorkeling, scuba diving, and canoeing are not all that you can do. For those who love nature, there is the 80-acre McKee Botanical Garden with some exquisite flora. The Indian River Lagoon runs through Vero Beach. This lagoon has the most biodiversity in the Northern hemisphere, and you could see the manatees, bottlenose dolphins, sea turtles, pelicans and other birds. You could rent a kayak and paddle leisurely, or an air-boat to see more in a shorter period of time. Several private and public schools offer education for grades PreK-12. The Indian River State College, named one of the Top 10 community colleges in the United States, serves higher education needs.
Tampa, Florida, USA downtown skyline.
Group of friends jumping from the boat. having fun on the yacht and in the water

A home of your own in Vero Beach

Earnest makes it possible for you to own your dream home

With highly affordable home prices in Vero Beach, Earnest’s low rates sweeten the deal further. Earnest can pre-approve your mortgage, so that you will know exactly how much you are eligible for. You can then look for homes that meet your requirements. For this, you could engage the services of a realtor or do it yourself, looking at listings by owners and then checking the property to determine if it would the right fit for you. Driving around the neighborhood alone should convince you why Vero Beach is the best place to settle down and on top of that Earnest makes it easier with simplified paperwork.
Group of friends jumping from the boat. having fun on the yacht and in the water

Common Questions About Buying a Home in Vero 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

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.