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Make your property dreams come true with Earnest

Properties in Cocoa are in demand for the city's superb climate and excellent infrastructure. Home values in Cocoa have an excellent appreciation rate. According to Zillow, values of homes went up 12.2 percent in 2015. Analysts have predicted that this growth will continue and will rise about 5.3 percent within 2017. The average list price for every square foot of residential property is calculated to be $105. The average home price at present in Cocoa hovers around $159,900.
Miami Florida skyline of downtown colorful skyscraper buildings

A beautiful city offering premium quality of life

The sun, Atlantic Ocean and Indian river together makes it a paradise

Cocoa is well known for its consistent and calm waves. This makes it a family destination. It also helps that the water is adequately shallow for someone to wade past breakers. The beach is thus an ideal place for would-be surfers to learn and practice their skills. If you do not have a board, you can also rent one. Cocoa Beach Pier is a boardwalk extending 800 feet into the Atlantic Ocean. Walking over it gives you a stunning view of the beach and the city behind you. The area is chock-a-block with boutiques, shops and restaurants. Do try the freshly prepared sandwiches! You can hire a kayak to take a nature tour around the Thousand Islands. Innumerable bird species, manatees and dolphins are a common sight as you move through the tropical mangroves. The calm seas encourage leisurely adventures and a few extreme activities as well.
Miami Florida skyline of downtown colorful skyscraper buildings
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A mortgage that fits just right

With Earnest, you can enjoy the best mortgage rates around

When you choose Earnest, the process of buying a home gets simpler and faster. We understand how it feels to be a home buyer for the first time. You will find our online exclusive application process not intimidating at all. If you face problems, then our friendly and extremely helpful client service team can be reached simply through a single phone call. Needless to say, we have put smiles on our customers' faces. When it comes to home mortgage, we are the champs! We are in tune with what our customers want and are fully aware that repaying a home mortgage takes a lot of time. We understand that your finances can vary over the course of many years. Let Earnest assist you with your own unique refinancing plan. Our plans will ensure that you have sufficient money for sudden expenses.
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Common Questions About Cocoa 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.