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Make your Middleburg home dream a reality

With a ranking of 544 in Florida, Middleburg is favored as a place of choice to live due to its low living costs and adequate local amenities. According to Zillow, home values in Middleburg went up 3.9 percent during 2015. It is predicted that the price of homes will go north by a further 2.7 percent within 2017. The square foot price of a residential property averages the sum of $100. The average price of properties presently listed in the place comes to $199,900.
Historic downtown business storefronts on a city block in Jacksonville, Florida.

A beautiful little city that has it all

Middleburg has the history of Americana embedded within its architecture

Middleburg came into existence in 19th century. It was, however, not known as Middleburg from its inception. The first name of the place was Clark's Ferry. The name stuck until 1833. Isaac Boring found Black Creek Methodist Church in 1828. The society, however, continued to meet in their respective homes until 1847 when the Methodist United Church was finally built.It was a storage depot and quartermaster workshop at the time of Seminole Wars. The place was called Gary's Ferry from 1833 to 1850. The name Middleburg was finally given to the town in 1853.The town witnessed a raid by 4th Massachusetts Cavalry in 1864. A few buildings were burned down. The Cavalry was soon ambushed by Florida 2nd Cavalry. The skirmish happened at Halsey's Plantation. Middleburg has a varying population all through its history.
Historic downtown business storefronts on a city block in Jacksonville, Florida.
4th of July fireworks at Miami Beach, Florida.

A mortgage that is perfect for you

Get the best home mortgages for your home in Middleburg with Earnest

If you are a first time home buyer, Earnest can make the process much simpler and faster. The online process is much less intimidating. If you have any doubts about the application process, or unsure about how to proceed, our client services team is only a phone call away. You will find them friendly and they will be more than happy to answer any queries you might have for the process. We can safely say that our rates will make you smile. You can depend on us to move into your new home much quicker. At Earnest, we understand the many worries that a mortgage can bring. It cannot be repaid quickly and it takes a number of years to repay any mortgage. Earnest can assist you to formulate a refinancing plan. We can also help you to refinance a portion of the built up equity in your home so that emergency funds become available.
4th of July fireworks at Miami Beach, Florida.

Common Questions About Middleburg 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.