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Make your Merritt Island dream home a reality

Merritt Island has a number of factors going in its favor when it comes to living in the place. The weather is excellent, and cost of living is low. Local amenities are plentiful and the town is home to white collar workers. According to Zillow, home prices have zoomed up 6.7 percent in 2015 to 2016. It is expected that the prices will go up 4.3 percent within end 2017. The average list price every square foot is $152. Merritt Island Airport is 1.03 miles away.
Tallahassee, Florida, USA downtown skyline.

A place where intellectuals and nature lovers live

The city is a testament to space travel and a national wildlife refuge

Although Merritt Island is known primarily for its space research sites, it is also an excellent place for wildlife lovers. The best way to see the local flora and fauna is to take the Black Point Wildlife Driver offered by the US Fish & Wildlife Service. The tour is done by auto and comprises a total of seven miles. If you prefer enjoying the nature in solitude, the dike roads in the refuge provides superlative photography opportunities. If you love fishing, then the Merritt Island NWR is an excellent place for saltwater anglers. You may catch sea trout, tarpon, black drum, snook and red drum. If you are an avid bird watcher, and record visits for personal use, there is no need to take any refuge permit. A number of hiking trails adds to the adventure. The dike roads offer interesting hiking opportunities.
Tallahassee, Florida, USA downtown skyline.

A mortgage which fits to the T

Enjoy the smartest home mortgages in Merritt Island with Earnest

For first time home buyers, Earnest makes the whole process much less intimidating. You will find that the mortgage process is much quicker and simpler. In the unlikely event of you encountering any problem during the application process, our client service team is always on call. Our application process is fully online and it is extremely simple as well. You will get the amount of money you will need and at an extremely comfortable rate too. Count on Earnest to realize your home much quicker. It is impossible to quickly pay off any home mortgage. We understand that many things may change over the years. This is specifically true for finances. Earnest will help you to search for lower payments applicable on the mortgage.Earnest can also help with refinancing plans.

Common Questions About Merritt Island 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.