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Buying a Tallahassee home starts here

Tallahassee is a Florida city with southern flair. From the accents to the laid-back lifestyle, Florida’s state capital represents the best the South has to offer. Between barbecue joints, miles of paddling trails, and acres of beautiful parks, Tallahassee provides a Southern lifestyle in a Florida setting. A stunning array of homes and neighborhoods with countless exciting options for attractions and restaurants, makes Tallahassee is hard to beat. Earnest is here to make it happen.
Historic downtown business storefronts on a city block in Jacksonville, Florida.

Southern culture with a Florida lifestyle

BBQ, perfect weather, and beaches within reach

Tallahassee is a legendary college town, but the city is also known for being a hub of cutting-edge scientific research, at facilities like the National High Magnetic Field Laboratory, the largest laboratory in the world of its kind. Tallahassee neighborhoods reflect that diversity: From neighborhoods on the west side—favorites of students attending Florida State and Florida A&M—to the east-side neighborhoods sought out by families and professionals, there’s a neighborhood for every lifestyle and stage of life. With a median home price of $182,000, Tallahassee has something for individuals and families of all shapes, sizes, and budgets. In addition, considering that the median home price has increased by 10 percent over the past year, it’s a great time to buy. Earnest is standing by to make that dream home happen for you.
Historic downtown business storefronts on a city block in Jacksonville, Florida.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

Ready for your Tallahassee dream house?

Earnest makes it easy

Here at Earnest, our goal is to help you find your perfect Tallahassee home. We know it’s not simple. From securing the mortgage with the best rates to choosing the perfect home in just the right neighborhood, the home-buying process can be overwhelming. But we here at Earnest know how to smooth things out. We help you identify your priorities in a home and then calculate how much you can spend, giving you a way to narrow your focus from the very beginning. Since we consider more data points than most other loan providers, we specialize in creating a loan personalized just for you.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

Common Questions About Buying a Home in Tallahassee

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.