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In Ocala, dreams are made real with Earnest

Ocala is the county seat and the biggest city in Marion County. The most desirable residential area is the downtown Historic District. According to Zillow, home values in the city went up 11.7 percent during 2016. It is predicted that there will be a rise of 6.4 percent within 2017. The average price per square foot is $89. Median prices of homes hover around $154,000. Average rent is $900. Earnest makes the perfect partner to help you purchase a home.
Tallahassee, Florida, USA downtown skyline.

Ocala is visually stunning with a mild climate

Rolling hills and pine forests merge seamlessly with white picket fences

Ocala has everything a person can want. It is far away from the fast life, but has all the amenities to make a productive and cultural lifestyle. The rolling hills and innumerable horse farms, coupled with an excellent climate makes it a highly desirable place to live. The weather is predictable with average lows in January being 50 degrees Fahrenheit. The temperature in July is a pleasant 90 degrees Fahrenheit. Annual rainfall comes to an average of 51 inches and showers happen for 116 days in a year. Coldest days will see a light frost. The Historic District in downtown Ocala is the location of the most desirable residential properties. Waterfront property is found on the banks of Lake Weir, the biggest lake situated inside Marion County. There are 20 golf courses, of which two are owned by city.
Tallahassee, Florida, USA downtown skyline.
Art deco district of South Beach in Florida USA

A mortgage perfectly tailored to your needs

Get the best home mortgages in Ocala with Earnest

First-time home buyer At Earnest we use a comprehensive analysis of data to help you find the ideal price range for you, but also pick out the perfect neighborhood based on your preferences and requirements. Home buying experience is seamless and allows you to purchase your home at a rate that is fair to you. We make it simpler for first time buyers to get the best mortgage possible. It does not matter whether you have a small deposit or a big one, and whether you want a variable or fixed rate deal Refinancing a mortgage Earnest will help you to decide whether the time is suitable to refinance your mortgage or not. We will help you to determine your requirements. You will get the mortgage best suitable to meet all your goals. You will get the right mortgage. We will help you to understand the discount points and help in documentation.
Art deco district of South Beach in Florida USA

Common Questions About Ocala 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.