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Buy yourself a home in Fort Pierce

According to City Data, the median price of a home is $85,811 (as of 2014), with the corresponding value for Florida being much higher at $153,300. There has been a 50% increase in home prices since 2000, so a Fort Pierce home is a very good investment. You needn’t spend a lot to take advantage of this. A three-bedroom 1,600 square-foot home retails for around the median price, and if you don’t need that much space, you could get yourself a two-bedroom 1,150 square-foot home for just $12,500.
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In Fort Pierce, residents are well taken care of

The most responsible city you can find in the continental United States

It takes great care of the beach, so that Fort Pierce residents always have a place to relax. Thanks to its million-dollar ecological conservation efforts, you can see the manatees up close and personal in their natural habitat (and touch them!). Downtown, there is plenty of history to be experienced. Fort Pierce received the Great American Main Street Award for preserving its historical buildings. The Navy Seal Museum offers you a rich insight into how the U.S. Navy Seals have done their part in protecting the country for years. If you want excitement, you could take a fishing trip on a boat, enjoy music, cultural and art performances at the Sunrise Theater, or visit the Harbor Branch Oceanographic Institute to learn more about aquatic marine life. Fort Pierce is served by the Treasure Coast International Airport, just 3.6 miles away.
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The no-nonsense way to own a home in Fort Pierce

Get yourself the Earnest advantage

If you are a first-time home buyer, a drive around Fort Pierce is all that is necessary to convince that you can’t find yourself a better place elsewhere. With affordable housing prices and Earnest’s low rates, you will find that the mortgage works out to be cheaper than the rent. Earnest pre-approves your mortgage, so that you will know exactly which homes to look at in the area, and which one to buy. For home refinancing, simply contact us to find out how a fixed rate mortgage can save you thousands of dollars when compared the adjustable rate mortgage you may be on. This cash could serve you well in an emergency, or you could use it to get the title deed to your Fort Pierce home faster. This means that you could take advantage of the appreciation in Fort Pierce property prices.

Common Questions About Fort Pierce 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

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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.