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A historic city with a lot of funk

Founded around 1870, Orange Park is a small city that is located in Clay County. It is right on the shores of the St Johns River and is part of the Jacksonville metropolitan area. The city is set in the middle of large woods. The population of the city is just over 8,000 and the small town vibe sets in as soon you're in the city's limits. Various beaches, major tourist destinations and everything that comes with it, is located just a short drive away.
A residential house with a large yard in northern Florida

The perfect small town experience

Orange Park balances progress and culture effortlessly

The St Johns River is a major river that runs through Florida. Since there are many tourist locations around the river, Orange Park does not get many tourists. Instead, most people in the city are home owners looking for a quiet yet eventful life. Areas in and around Park Avenue host the commercial centers in the city. These includes shopping outlets, theaters, gyms, and restaurants. Overall, the city is filled with quiet suburbs and is perfect for buyers looking for large areas of land. Farms and ranchesare plentiful around the area while Jacksonville is only a few miles away. Residents can thus lead the quiet life at the library's and scenic hotels but also visit major cities with just a short drive. The 1,200 foot pier seems like the perfect place to have a beverage and reflect upon life.
A residential house with a large yard in northern Florida
Happy couple in white shirts standing at beach

Live the quiet life at Orange Park

Earnest can make your dream home a reality

Although Orange Park is a small town, it has its own charm. The city is filled largely with farmhouses and ranches but smaller condos and suburban localities also exist. Buyers that are looking at Orange Park will note the sense of peace in and around the city. The area you choose to invest in has a lot to do with the financial aspects of home buying. Commercial areas offer smaller town homes whereas rural areas offer spacious, larger homes. The median cost of a home in Orange Park is $150,000. Most people in the city are home owners. When buying a home, Earnest is the best choice to make the process an easy and effective one. We suggest homes, neighborhoods, financial plans and options for mortgages and re-financing. Our team is highly dedicated and always prioritizes the buyers' needs before making recommendations.
Happy couple in white shirts standing at beach

Common Questions About Buying a Home in Orange Park

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.