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Earnest helps realize Gulf Breeze dreams

Gulf Breeze is a much sought after residential destination. According to Areavibes, it comes in at number six in Florida state. The list of advantages include surplus of local amenities and higher incomes among residents. Crime rates are much lower. Average home values in the city went up by 4.7 percent in 2015. It is estimated that prices will further rise by 3.2 percent in 2017. The average list for every square foot comes to $172. Average price of presently listed homes is $359,400.
Tallahassee, Florida, USA downtown skyline.

A scenic city with a better quality of life

Gulf Breeze has inviting beaches and superb historic and natural resources

Gulf Breeze started when the US Government bought the land in 1828. It included Naval Live Oaks Reservation where live oaks were cultivated for the construction of wooden ships. Oak wood was the material of choice for making ships before the American Civil War. Cultivation and also protection of trees for US Navy resulted in a number of oak trees presently populating the area. It presently covers 1,300 acres of land in the Gulf Islands National Seashore. The National Park Service is responsible for supervising the area. The Gulf islands provide a number of recreational opportunities. The protected areas are inclusive of a few mainland areas and parts of the seven islands. The barrier islands have white sand beaches. There are a number of nature trails and historic fortifications.
Tallahassee, Florida, USA downtown skyline.
Orlando, Florida cityscape and skyscrapers with reflections of Lake Eola at night with palm trees, fountain and swans.

Mortgage perfectly suited to all your requirements

Get the best home mortgages in Gulf Breeze with Earnest

Buying a home for the first time is tough. The experience can only be described as intimidating. Documentation alone can frustrate any person. With Earnest, however, these will be things of the past. Our application process is completely online. It is made simpler and faster. In the unlikely event of any doubt, you simply need to put a call to the client service team. They are knowledgeable and friendly too. You will enjoy better interest rates at the end of it all. We make sure that you get the keys to your property much faster. Paying off a mortgage takes time. It may take years to free your property. At Earnest, we understand that no one can foresee what the future holds. We will help you to get your mortgage refinanced. Earnest will help you tor release built up equity of your home so that funds are available for sudden expenses.
Orlando, Florida cityscape and skyscrapers with reflections of Lake Eola at night with palm trees, fountain and swans.

Common Questions About Gulf Breeze 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.