Alert Message

Get yourself a home in Palm Bay

The median price for a home in Palm Bay is an affordable $98,400; while the corresponding figure for Florida is $153,300. Whether you are single and looking for a studio apartment or someone with a large family looking for a townhouse with a spacious backyard, there is always something to be had in Palm Bay. And at prices that are so economical that the mortgage won’t burn a hole in your pocket. What’s more, the cost of living here is less than the national average!
Miami downtown at night, Florida, USA

Living in Palm Bay is like a dream

A Palm Bay residence is what you can finally call Home Sweet Home

There are multiple avenues for shopping, eating out and nightlife. You could enjoy a walk in the park, or the water. From water skiing to snorkeling to scuba diving, there is so much to do. If you like nature/wildlife, you could paddle around in a kayak and get up close and personal with the manatees that reside in the waters of Palm Bay. There are many private and public schools for children in grades PreK-12. Higher education options are aplenty, with FloridaTech (Florida Institute of Technology), Eastern Florida State College and Webster University all having campuses in the area. The Kennedy Space Center is only about 50 miles away from Palm Bay. Roughly an hour’s drive, you could go there to watch a space shuttle launch or learn more about space history. There is an international airport in neighboring Melbourne, 15 minutes away.
Miami downtown at night, Florida, USA
Opening wine bottle with a corkscrew

Earnest can help you own a Palm Bay home

With simplified paperwork and low rates, it has never been easier!

If you are a first-time home buyer, you might have been overwhelmed by all the choices out there. With so many lenders, which one do you opt for? Earnest offers the lowest rates, so that your mortgage payment is something that is highly affordable. We even pre-approve your mortgage, so that you can look for homes in Palm Bay that are within what you qualify for. If you are looking to refinance your home, Earnest’s fixed rate refinancing plan can help you finish paying off the mortgage earlier. This means that compared with the Adjustable Rate Mortgage (ARM) you may currently be on, you will be able to sell your home faster and take advantage of increased property prices. Even if you don’t plan on selling your home, Earnest can help you save thousands of dollars by moving you to a lower rate of interest.
Opening wine bottle with a corkscrew

Common Questions About Palm Bay 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.