Alert Message

A Vero Beach residence is the best investment

According to City Data, the median price of a home in Vero Beach was $121,300 in 2000. By 2013, it had jumped to $184,123, an appreciation of more than 50%. Property prices in the area continue to appreciate as more people move, discovering the magic of Vero Beach. There are still great homes to be had at bargain deals. A detached 1,400 square-foot two bedroom house can be yours for just $10,000. It also comes with an impressive front yard and a large backyard.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.

Why living in Vero Beach is like a pleasant dream

Enjoy the best of both worlds, a tropical and a temperate climate

Vero Beach’s nickname is ‘Where the Tropics Begin’. Temperatures range between 50 °F and 80 °F, making it a pleasant place to live in all throughout the year. Several people have already chosen it as their retirement destination. For others, there is always the beach. And when you get tired of that, there is the Disney Vero Beach resort, which visitors consistently rate as much calmer than other Disneyworld theme parks. You could relax among the exotic greenery at the McKee Botanical Garden, or literally experience the great outdoors in the Indian River Lagoon, home to a variety of marine wildlife. Play golf amidst scenic views at the Sandridge Golf Club. Take flying lessons (Vero Beach has an airport of its own). Enjoy the local brewery and the cafes. There is plenty to do in Vero Beach.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.
Saint Petersburg bridges

Own a home in Vero Beach

Have Earnest in your corner for the smoothest experience ever!

Low rates mean lesser mortgage payments and more cash in your pocket. For first-time buyers who have scraped every cent they can to have a home of their own, this is a godsend. Earnest realizes the importance of not only being able to purchase a home, but also having enough money to enjoy living there. This is why our rates are low, and the process equally low on paperwork and the total time taken. If you have a home of your own already, take a look at Earnest’s low rates. Earnest also offers fixed rate mortgages that protect you against any interest rate increases in the future. What better time to refinance your home than now, when the rates are at their lowest? With Earnest, you could easily save thousands of dollars, which could go towards a rainy day or benefit in an emergency.
Saint Petersburg bridges

Common Questions About Vero Beach 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.