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A Daytona Beach home is just right for you

There is more to Daytona Beach than just NASCAR racing. In fact, Golf Digest ranked it one of the top 15 places in the world to play golf. It can be quite exciting to live here. There are so many fun things to do. According to City Data, the median price of a home in Daytona Beach is $104,648* and this represents a 40% jump from the prices in 2000, showing how much interest there is in the area.
Miami, Florida at South Beach.

Have fun in Daytona Beach

Living here is guaranteed to be the experience of a lifetime!

Daytona Beach is otherwise called ‘The Spring Break Capital of the World’. Not just college students, people of all ages come here in the spring. The beach is one of the best in the world, and with the sun, sand and its clear blue waters, it can indeed be rejuvenating. Be it boating, sailing, scuba diving, parasailing, snorkeling, kayaking or surfing, you can enjoy to your heart’s content out here. Little wonder then, that 63,011 have made it their home. There are several avenues for shopping, nightlife and eating out. Multiple cuisines from around the world are available in Daytona Beach. Cultural events take place all throughout the year, and it is served by a strong network of both private and public schools for all grades. The University of Central Florida has a campus in here, as does the Bethune-Cookman University.
Miami, Florida at South Beach.
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Owning a home in Daytona Beach is easy

With Earnest’s low rates, the mortgage will never be a drain on your pocket

If you are a first-time home buyer, you will definitely appreciate all that Daytona Beach has to offer. The low interest rate offered by Earnest means that you will have a lot of cash left over after expenses to enjoy the finer things in life. And what better place than the Fun Coast of Florida? Live life in Daytona Beach like you have never lived before! If you are looking to refinance your home, you can take advantage of Earnest’s low interest rates. This means that you can either pay a lower mortgage on your Daytona Beach home, or pay the same as you are doing now, but be on track to having the title deed in your possession sooner. Either way, you stand to save thousands of dollars with Earnest. Is there still a reason not to get in touch with Earnest?
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Common Questions About Daytona 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

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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.