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Buying a house? Merritt Island is the place!

Merritt Island is home to the Kennedy Space Center of NASA. According to Zillow, home values on an average in the town comes to $232,000. Popular residential areas on the island are Cocoa and Rockledge. Buyers have a range of residential options to choose from. Prices are lowest for studio flats and maximum for apartments having more than five bedrooms. For buyers searching for homes, single family houses are the most affordable- and triplexes the most expensive.
Historic downtown business storefronts on a city block in Jacksonville, Florida.

Merritt Island is known as space exploration base

It is a perfect mix of wildlife and space faring technology to pique senses

Merritt Island is the largest island in Florida. It is known as the place where the Kennedy Space Center of NASA is located. The Center does not launch shuttles anymore, but the whole complex is now open to tourists. Visitors to the center can meet an astronaut and enjoy the technological thrill of launching an actual shuttle launch. There are also a number of other interactive displays. For the truly fortunate, there are times when they can see an unmanned rocket zooming off into space. This launch can take place from the Center or from the nearby Cape Canaveral Air Force Station. If you love nature, then Merritt Island has its own unbeatable attraction- Merritt Island National Wildlife Refuge. It is nature sanctuary spread over 140,000 acres. Wildlife can be best viewed through the Black Point Wildlife Drive, a tour of seven miles.
Historic downtown business storefronts on a city block in Jacksonville, Florida.
Colours, cabs and cocktails determine the nightlife while celebrating in Miami Beach. South Beach offers endless locations to have fun all night long.

Don't stress for the perfect Merritt Island home

We will help you to find your dream home and also assist you to pay for it

Purchasing a new home needs major decision making prowess as well as a lot of time. A number of factors should be considered prior to selecting a specific property. You should not pay a single penny before you are sure that you are getting an excellent deal. Buying a home is a huge investment, as such you want to be sure about all factors before you make a purchase. Our experts at Earnest will help you to make an informed, well thought out decision. Your personal priorities and financial situation will first be analyzed carefully. We will then use this information to offer you a comfortable price range for your new home. We will also suggest specific neighborhoods to meet your needs perfectly. With our experts by your side, you can settle on a house fast without a smidgen of doubt concerning the property.
Colours, cabs and cocktails determine the nightlife while celebrating in Miami Beach. South Beach offers endless locations to have fun all night long.

Common Questions About Buying a Home in Merritt Island

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.