Alert Message

Why a home in Cantonment is a good investment

According to City Data, the median value of a home in Cantonment was $100,900 at the beginning of the century, which escalated to $144,372 by 2013. This translates into an appreciation of 43%. While a three-bedroom 1,500 square-foot home can be had for that amount a larger 2,000-2,500 square-foot four-bedroom home with its own swimming pool would cost you approximately $200,000-$250,000. With mean temperatures of 50 °F to 82 °F, living here can be a pleasant experience.
Tallahassee, Florida, USA downtown skyline.

Experience life in Cantonment

Far away from the madding crowd

With a population of 26,493 (accurate as of the 2010 census) and a total area of 76.1 square miles, that translates to a population density of just 348 residents per square mile. This means that Cantonment is generally peaceful and quiet; and you are likely to enjoy living here. There is no lack of amenities; a Domino’s Pizza, Subway and Pizza Hut can all be found in Cantonment; in addition to H&R Block, Circle K and Advance Auto Parts. Kroger, U-Haul, SONIC Drive-In and Waffle House have presence here as well. You could head out to Beck’s Lake for some fishing when you want to de-stress. There is the Jim Allen Elementary School for PreK-5 schooling needs, the Ransom Middle School for Grades 6-8 and the J.M. Tate Senior High School for Grades 9-12. The University of West Florida is located just 17 miles from Cantonment.
Tallahassee, Florida, USA downtown skyline.

Own a home in Cantonment

Get Earnest by your side

Earnest pre-approves your mortgage so that you can look specifically at the homes that your qualify for. Earnest’s low rates ensure that the monthly mortgage payment will never be a drain on your finances. With considerably simplified paperwork, the process of owning a home becomes significantly easier. If you are a first-time home buyer, you stand to receive up to $15,000 under the Florida First Time Home Buyers Grant Program. If you already own a home in Cantonment, there is no time like the present to refinance it with Earnest. A fixed rate mortgage could help you save thousands of dollars when compared to the Adjustable Rate Mortgage that you may be on. If you are already on a fixed rate mortgage, Earnest’s low rates can still save you a lot of money. All you need to do is get in touch with us to learn more.

Common Questions About Cantonment Mortgage Rates

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.