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Thinking of a home in Cantonment, Florida?

Located about 20 miles north of Pensacola, Cantonment is a city that has a population of 26,493 (as of the 2010 census). With an area of 76.1 square miles, there is literally plenty of room for everyone! This is why homes in Cantonment are large. A three-four bedroom home measuring about 2,000-2,500 square feet would cost in the region of $200,000-$250,000; according to listings on Zillow.A smaller three-bedroom 1,500 square-foot home would set you back by $125,000-$175,000.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.

Living in Cantonment

Experience life in a border town

The city derives its name from being a cantonment, established by Tennessee militiaman and war hero Colonel Andrew Jackson, who would later become the seventh President of the United States. It has an elevation of 148 feet. Mean temperatures range between 50 °F and 82 °F, making living in Cantonment a pleasant experience. The Jim Allen Elementary School serves PreK-5 education requirements, while schooling for Grades 6-8 is provided by Ransom Middle School. For high schoolers, there is the J. M. Tate Senior High School. The University of West Florida is only 17 miles away from Cantonment, with the Pensacola State College at an equal distance. The city is served by the Pensacola International Airport, which only a half-hour drive from Cantonment. There is also an Amtrak station 13 miles from town.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.
View of St. Petersburg. Saint Isaac's Cathedral from Palace Square in night

Buy a home in Cantonment with the help of Earnest

Low rates. Simplified paperwork. What more could you ask for?

Cantonment is located right on the Florida-Alabama border, but it officially lies in Sunshine State. You could take advantage of the Florida First Time Home Buyers Grant Program if you were considering a home here and have never owned one before in the past three years. You stand to receive up to $15,000 under the program. Earnest pre-approves your mortgage, so that you can look at the right homes in the area that your qualify for. When you drive around Cantonment, you will be able to experience a serenity that you have never felt before; one that makes you want to settle down and call this place your home. You could also go fishing in Beck’s Lake when you want to experience more of this serenity in the lap of nature, amidst some wondrous scenery. If you are a veteran, you qualify for special rates from Earnest.
View of St. Petersburg. Saint Isaac's Cathedral from Palace Square in night

Common Questions About Buying a Home in Cantonment

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.