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Lake City is steeped in United States history

Lake City is known for its many outdoor activities and natural beauty. According to Zillow, the average home value comes to $111,600. Property prices vary within the city and depends on a number of factors. Studio flats are the most affordable residential units. Single family homes are the cheapest among houses. The expensive ends of the scale are populated by five bedrooms or more apartments and triplexes. Duplexes are also available.
Miami downtown at night, Florida, USA

Lake City is a quiet and happy nook in Florida

The town finds mention in the cross roads of United States history

Lake City is located in the northern part of Florida. It is situated near the Interstate 75 and Interstate 10 intersection. The nearest town is Gainesville 74 kilometers towards the south. Jacksonville is 97 kilometers distant towards the east. Lake City has an undeniable natural charm. Both residents and visitors take advantage of the many outdoor activities available. The Olustee Battlefield and Museum attracts a number of visitors. It is situated 13 kilometers to the east of the city. This site is of special importance to history buffs as it is a Civil War battle site. Confederate forces beat back the Union troops when the latter marched on Tallahassee. The battlefield ground gets reenacted every February. The site has now a museum and the interpretive trail along the battle lines are open to the public all around the year.
Miami downtown at night, Florida, USA
4th of July fireworks at Miami Beach, Florida.

Buying your Lake City home has never been easier

We not only help you to pay for dream home, we also help you to find it

Purchasing a house or an apartment is an important investment. It involves considerable expense and thus must be done with due consideration. You should go through a number of properties and locations before you zero on to a particular one. Let Earnest help you to make an informed decision. We will analyze both your personal priorities and also your financial position before we offer you a tailor-made advisory. The factors involved include distance between your future home and office. Distances between the home and shopping areas, hospitals and schools are taken into account. Nightlife is also considered. Earnest will use all these information to offer you an excellent choice of probable neighborhoods and also a more comfortable price range. This will assist you to narrow the search and also help you to move quickly into your new home.
4th of July fireworks at Miami Beach, Florida.

Common Questions About Buying a Home in Lake City

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.