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Buying home in New Smyrna Beach is a sound choice

If you are looking for a home situated in the city, yet is blended to the Floridian coast, then New Smyrna Beach is for you. New Smyrna Beach is one of 'America's Top Small Cities for the Arts', it is an artist's paradise. The city offers a number of fun activities such as boating, diving, surfing and so on. The cost of living is higher than the national average. Job growth in the city has been positive in the recent years. The city has high-standard schools. New Smyrna Beach has nice weather.
Hotels and residential buildings on the beach in Miami Florida

New Smyrna Beach is Florida's Secret Pearl

This beautiful city is a hub for water sports and a surfer's paradise

New Smyrna Beach is located in Volusia County, Florida. It was incorporated in the year 1887. Volusia County is part of the metro area Deltona-Daytona Beach-Ormond Beach. The city is a favorite destination for surfers. National Geographic named it as one of the top 'surf towns' in the world, in 2012. Surfer ranked it as the 9th best 'surf town', in 2009. New Smyrna Beach is a popular tourist destination, there is plenty of sand and sun for everybody. The city has 4 elementary schools, 2 middle schools and 1 high school. The city has a good transit system, getting around locally and the rest of the state is easy through I-95 freeway. 99% of New Smyrna Beach residents commute by car. The cost of living is high compared to the national average, however, the city offers a lot of amenities.
Hotels and residential buildings on the beach in Miami Florida
Art deco district of South Beach in Florida USA

Earnest can find your ideal home in the city

A home in New Smyrna Beach means fun living and a sound investment

New Smyrna Beach offers beach condos, single-family homes, flat-roofed ranch homes, waterfront high-rises and high-rise apartment dwellings. Earnest can find you a home in the city based on your preferences and budget. Our online application process is very simple, easy and fast. Contact our competent customer support team for any queries/issues, anytime. Earnest can get you a mortgage as well to finance your home in New Smyrna Beach. Our rates are fair and by fair, we mean the lowest possible based on the current market conditions. If your credit score is bad, we can find alternative ways, such as checking your current financial position and your future earning potential, to get you a mortgage with a fair (low) rate. Talk to us and we can work out the perfect mortgage for you.
Art deco district of South Beach in Florida USA

Common Questions About Buying a Home in New Smyrna 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

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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.