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Stuart is a wonderful city on the Florida coast

Located on Treasure Coast, Stuart is a beautiful Florida city. It is a compact metropolis and eminently walkable. According to Zillow, average home values in the city comes to $194,200. Downtown Stuart offers a range of habitable options-from economically priced studio flats to five bedroom or more luxury apartments. Residences in Stuart from basic single family homes to absolutely sumptuous triplexes. Earnest can help you to choose your dream home at an affordable price.
Jacksonville, Florida, USA downtown city skyline on St. Johns River.

Stuart is a city known for seaside attractions

It is famous around the world for sail-fishing and Ross Witham Beach

Stuart can be reached via the SW Martin Highway off the I-95. Downtown Stuart is compact and it is a pleasure to walk around the metropolis. Sailfish fountain located at the central part of the city is breathtaking to observe- particularly at night. History comes alive at The House of Refuge. Incidentally, it is the last surviving structure on the east coast of Florida. An interesting story lies behind the construction of this man-made structure. Theater lovers find the Lyric theatre an excellent place to quench their literary pursuits. This venue hosts a number of live plays. For the food aficionado, Memorial Park is the place to go. Food trucks converge on to the park every Monday. Central Stuart has excellent restaurants and high street shopping. Causeway park is favorite for anglers.
Jacksonville, Florida, USA downtown city skyline on St. Johns River.
Saint Petersburg bridges

With Earnest, buying a house is extremely simple

You can finally buy your dream home and get financial help too

Buying a house is a major investment. It is easily the biggest purchase most people will make. It is thus important that you take into consideration a number of factors before entering the club of home-ownership. You should know about mortgage options and credit score requirements among others. Other factors include the livability factor like the distance from your residence to your workplace and its proximity to schools, colleges and other educational institutions. It is also important that you figure out the amount of money you can afford.
Saint Petersburg bridges

Common Questions About Buying a Home in Stuart

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

People around a computer

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.