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Earnest knows New Smyrna Beach's housing market

2015 saw the home values in New Smyrna Beach going up by 7.9%. At present, $256,100 is the median home value in the city. $288,313 is the median price of homes listed currently. The per-square-foot median list price is $169 ($121 is the Daytona Beach Metro average). According to Zillow, within the next year, the home values will rise 4.3%. 79% of the population in New Smyrna Beach are homeowners. As per Sperling's Best Places, 37.15% of apartments and homes in the city are unoccupied.
Hollywood Florida, illuminated buildings at sunset reflected in the water

The city's motto - 'a swan among ducks'

Tourism and commercial fishing industries power New Smyrna Beach's economy

New Smyrna Beach is located in Florida's 'Fun Coast'. The city has miles of beachfront, ideal for surfing, swimming, boating, scuba diving, kitesurfing and diving. Artists from all over the world flock to the city to be part of the art shows that the city conducts throughout the year. The city is home to the Atlantic Center for the Arts. The city has 7 schools. There are numerous healthcare facilities in and around the city. The city offers a number of outdoor recreational activities as well, such as hiking, golfing, motorboating, sailing and fishing. 35% of the New Smyrna Beach residents are single. The median household income is $48,409. The cost of living is higher than the US average, however, the city makes it up with the numerous amenities that it offers. The job growth is positive.
Hollywood Florida, illuminated buildings at sunset reflected in the water
Group of friends jumping from the boat. having fun on the yacht and in the water

Earnest can find the right mortgage for you

Your credit score matters, but Earnest can find alternative ways

If you are a fun-loving person, then New Smyrna Beach is the place for you. Do not put off buying a home in the city and miss out on all the fun just because your credit score is bad. At Earnest, we can look past your credit history if your current financial position and your future earning potential are good. If we find those two factors satisfactory, we can get your mortgage approved quickly, with the lowest rate possible. Come see us and we can work out the best mortgage deal for you. Earnest can refinance your mortgage as well. Again, bad credit score? Do not worry! We can find a way around. The time to buy a home in New Smyrna Beach is now. Home values have been going up in the recent years and it is expected to go further up only. Buy a home now and it will also be a good investment.
Group of friends jumping from the boat. having fun on the yacht and in the water

Common Questions About New Smyrna Beach 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.