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Mortgage rates that are perfect for every buyer

Orange Park homes come at affordable prices starting from around $100,000 and running well over $500,000. Since the city is progressing well, these prices are expected to go up. Ideal for all age groups, the city has a prominent retirement community for the elderly and ample activities for the young. Buyers will look to the city for a balanced, peaceful experience. Orange Park has seen a steady population increase in the past few years.
Typical single family home in Florida

Sun and fun all year round

Orange Park is perfect for a serene life

Orange Park was formed in 1877 and was meant to be a small farming community. However, most of the crops in the area were destroyed during the great freeze of 1895. In current day, it is home to various small industries, golf courses, yacht clubs, and other attractions. The city is filled with all the resources that one would need for a good life. These include a large variety of commercial establishments like shops, theaters and more. Over 14 public schools are present in the area and over 85% of the population have graduated high school. A public library is present along with smaller book stores so most of the population are well educated. Homes in the area could cost $80,000 in less popular areas and run up to a million dollars for larger homes. Over 60% of the population own homes and very few renters are present.
Typical single family home in Florida
Beautiful senior couple takes a romantic stroll on a tropical beach.

Mortgages and re-financing with ease

Earnest has the best mortgage rates in Orange Park

Mortgage rates are not the easiest to gauge when you are a first time home buyer. It is important to perform adequate research before purchasing a home in any area. The current mortgage rate in Orange Park is around 3.2% for a 30 year mortgage, this rate drops further to 2.5% for a 15 year mortgage. To get the fairest rates, Earnest can be of great help. Unlike other companies, we make financial recommendations based on more than just your credit score. Earnings, potential earnings, savings and more play an active role in our financial profiles. Once the financial profiles are compiled, we help buyers decide ideal mortgage rates and help them choose between different kinds (30 year, 15 year, 5/1 ARM). Our expertise also applies to re-financing as we can help buyers create a comprehensive plan on the rates and the schedule for payments.
Beautiful senior couple takes a romantic stroll on a tropical beach.

Common Questions About Orange Park 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.