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A small town with a rich history

First settled in the 1800s, Milton is surrounded by beautiful woods and rivers. The city is a part of Santa Rosa County and located in the Pensacola–Ferry Pass–Brent Metropolitan Statistical Area. It is a small city with a population of around 9,000 but it still has a lot of activity to keep residents busy. The city is filled with a variety of shops, restaurants and entertainment centers. The Pensacola beach and various other bays are very close to the city and make for the perfect getaway.
Traditional style house in rural country setting

Milton is the perfect small town

Feel at home in this beautiful city

On the banks of the Blackwater River, one of the oldest cities in Florida thrives. Milton was incorporated in 1844 and has a lot of historical value. Over the course of it's long history, it has undergone various name changes, historic events and some tragic natural disasters. It played a major role in World War II and is home to the N.A.S Whiting Field that is still in use by the Navy. The city has faced challenges and has been under threat multiple times during the Civil War, World War II and numerous fires. In present day, the city has various industries operating within it. Service, manufacturing, farming and military are the biggest areas of employment in the area. Milton is a city that is progressing at a rapid pace while keeping the small town vibe of friendliness alive.
Traditional style house in rural country setting
Young woman and two children at the waters edge in a candid

Milton offers all kinds of homes

Quick application and fast service at your fingertips

The median price of a home in Milton is $101,400 as stated by AreaVibes.With prices that cheap, buyers are clamoring for a home in this great city. Small single homes, family homes, ranches and mansions are all available in Milton. Buyers looking into the city will have a lot of tough decisions to make as various aspects need to be taken into consideration before buying a home. Realtors can help with these decisions but it takes time and often involves multiple visits to different houses, attending open houses and more. To make the process quicker, Earnest can take care of your decisions and help you make informed ones. We can help you choose the right home in the right neighborhood by using our advanced metrics. We also provide mortgage and re-financing options. All of these processes can be accessed online by filling out a simple form.
Young woman and two children at the waters edge in a candid

Common Questions About Buying a Home in Milton

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.