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Earnest help Fernandina Beach dreams a reality

According to Areavibes, Fernandina Beach is a highly desirable city. It ranks number 52 in terms of livability within the state of Florida. The housing market is stable and there are an adequate number of amenities available. Home values in Fernandina Beach went up 4.9 percent in 2015. It is expected to rise 3.0 percent within 2017. The average list price for every square foot comes to $180. The average price of currently listed homes is calculated to be $360,000.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

A city rich in history and stunning scenery

Fernandina Beach was fought over by multiple colonial powers

The site of Fernandina Beach was settled by Native Americans long before European colonizers came to North America. The first settlement was around 1000 AD. Europeans began to settle there from the early part of the 18th century. Fort Amelia was ordered to be constructed by James Oglethorpe around 1736. The three colonial powers- Spain, England and France, all maintained presence on the island at some time in its history. The town came into its own after Spain snatched away Florida from Britain near the end of American Revolution. The site attained military value due to its deep harbor. The strategic location also helped. It was close to Spanish Florida's northern boundary.Enrique Whitem the Spanish governor gave the town the name - Fernandina.
Tampa, Florida, USA downtown skyline on the Hillsborough River.
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

A mortgage which fits you to a T

Get the best home mortgages in Fernandina Beach with Earnest

For any first time home buyer, the process of purchasing a property can be a fearsome affair. Earnest, however, makes it certain that it should not be so. We make the process much simpler and faster. This is made possible by the online only process which we have perfected so that you can glide through the demanding bits. In case you harbor any doubts, our client service team is just a call away. They are not only knowledgeable but are friendly and patient too. At the end of the process, be assured that you will get a rate best suited to your comfort level. At Earnest, we understand that a mortgage cannot be easily paid off. It could take years. Many things could change over a course of time, especially your finance Earnest can assist you with a suitable refinancing plan and help you to close your account early.
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

Common Questions About Fernandina 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.