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Own a home in Melbourne with the help of Earnest

The median price of a home/condo in Melbourne is $112,400 (as of 2013), which is considerably cheaper than the $153,300 for Florida. Melbourne has everything – you lack nothing – and so a home here will prove to be the best value for money. With Earnest by your side, you could strike a bargain deal and enjoy a home that is so close to the water, if not located by its very edge. With it being sunny all year around, the beaches, fishing trips et al are all there for you to experience.
Miami downtown at night, Florida, USA

Sunny Melbourne is the place to be

No matter what your budget, there is a home waiting for you in Melbourne

You could get a condo in Melbourne for some of the lowest prices on this side of the United States, and the view is guaranteed to be breathtaking. And these are surprisingly spacious, unlike the extremely cramped condos you would find elsewhere. If you need even more space, there are plenty of bigger homes, still at prices that you never thought were possible. With an international airport, a golf course, schools for children of all ages as well as university and college campuses for adults, there is nothing you will ever lack. There is also an Arts District if you are the kind that likes to be intellectually stimulated. If not, there is always the beach – and it is open all year round. Cape Canaveral is just 23 miles away, and Orlando 75 miles.
Miami downtown at night, Florida, USA
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

Get the best rates only with Earnest

So easy, you will feel it is a dream!

When you are a first-time home buyer, the entire process can be daunting, not knowing what to look for or the paperwork to be filed. This is where Earnest comes in. We understand the thrill of buying a home, with the expectation that you will living there for years to come. That is why are committed to make it a hassle-free experience. Simply get in touch with us, so that we can look at your finances, and pre-approve your mortgage, so that you can look at specific homes in Melbourne within your budget instead of finding that dream home and discovering later that you can’t afford it. At Earnest, we take joy and pride in people happily living in their Melbourne homes, and that is why you will also find us to be the best option if you were looking to refinance your mortgage. With us, you could save thousands of dollars!
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

Common Questions About Melbourne 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.