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Saint Johns mortgage rates at your fingertips

St. Johns is mostly considered to be a suburb of Jacksonville. It is a remote area that is adjacent to other communities such as Julington Creek, Fruit Cove, Dublin Creek and Switzerland. Almost the entire community is filled with residential areas while there are a few commercial establishments near the highways and in neighboring Jacksonville. Mortgage rates in the area are similar to the rest of Florida are currently at 2.5% for a 15 year fixed loan. Buyers must use this as an opportunity.
Tallahassee, Florida, USA downtown skyline.

John's homes have a lot to offer

From condos to gated communities, get the home of your dreams

St. John's is a small city, there's no denying it. However, no one can argue that there is nothing to do in the area. Outdoor activities like fishing and hiking seem to be the most popular but the city has indoor entertainment centers also. The Old Store is one of it's most popular locations and has a lot of history behind it. Parks, historic ranches, breweries and markets are found around the area. Moreover, residents can also set up camp in selected areas of the woods for a peaceful night out. Multiple public and private schools serve the numerous communities and benefit families with children. With all of these amenities and Jacksonville right around the corner, homes in the area are quite pricey. But with so much to do and perfect weather all year round, buyers are in for a treat at St. Johns.
Tallahassee, Florida, USA downtown skyline.
Rear view of a family canoe ride down a beautiful tropical river.

Best mortgages for every buyer

Online application and seamless process for home buyers

Since the prices of homes in the area are not cheap, many buyers might need mortgages or re-financing. Getting a mortgage is not an easy process as buyers have to jump through a lot of hoops to get the right rates. Mortgage rates are not constant either, they change throughout the year and can be unpredictable at times. To help buyers get past all this and get their dream homes as soon as possible, we at Earnest, have devised an efficient system. Buyers can apply for mortgage advice through our website and we make sure that they get the best rates. Discounts around the area are also taken into consideration. Another major factor for mortgage approval, is the financial portfolio. We make it a point to consider all the different aspects of your financial plan before providing mortgage plans. The same applies for refinancing.
Rear view of a family canoe ride down a beautiful tropical river.

Common Questions About Saint Johns 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.