Alert Message

Earnest knows Palm City's current housing market

2015 saw the home values in Palm City going up by 11.9%. Home appreciation is up 12.6% (based on the last 12 months data). Currently, $340,300 is the median home value, $395,000 is the median price of homes listed. The per-square-foot median list price is $156 ($132 is the Port St. Lucie metro average). Zillow predicts that, within the next year, the home values will rise 5.6%. According to Sperling's, about 14.85% of homes in Palm City are vacant. 87% of Palm City residents owns their home.
Miami Florida skyline of downtown colorful skyscraper buildings

The beautiful Palm City is a great natural habitat

Palm City offers amazing attractions and a number of outdoor activities

According to EPA, Palm City's air quality is very good (92 on a scale to 100). Many of the Palm City's beautiful reefs are maintained through artificial reef deployment. Apart from the various fun and adventurous outdoor activities that you can engage in during the day, the City offers a vibrant nightlife as well.I-95 makes it easy to get around Palm City, as well as to the neighboring places. The City has many historic structures, museums, parks, golf courses and beaches. Palm City has a strengthening economy. Job growth has been positive in the recent years, the growth rate is expected to rise 41.70% over the next 10 years. The per capita income is $40,534. $71,920 is the median household income. Cost of living is higher than the US average, however, the City offers a lot of amenities.
Miami Florida skyline of downtown colorful skyscraper buildings
Underwater manatee swimming in Kings Bay, Crystal River, Florida

Always expect fair mortgage rates from Earnest

Refinancing a mortgage with a fair rate is easy and fast with Earnest

The time to buy a home in Palm City is now. Palm City offers single-family homes, condos, apartments and beautiful waterfront properties. Earnest can find you one that is reasonably priced. Earnest can get you a mortgage with a fair (low) interest rate as well. Even if your credit score is not ideal, we can work out a deal with you. When you apply for a mortgage with Earnest, we look at your credit score. Now, unlike other financial institutions who will reject your application straight away if they find your credit score bad, we look at your current financial position and your future earning potential as well. If we find those two factors favorable, we can look past your credit score and get you a mortgage with a fair rate. We follow the same process while refinancing a mortgage as well.
Underwater manatee swimming in Kings Bay, Crystal River, Florida

Common Questions About Palm City 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.