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Your dream home on Fleming Island awaits

Fleming Island is rated as the 104th biggest community in the state of Florida. A large percentage of the houses in Fleming Island were built quite recently. In fact, 94.4 percent of these homes were constructed after 1990. There has been plenty of growth in the area’s residential real estate with people investing in brand new constructions and shifting to Fleming Island. The influx of new affluent families and individuals has now raised the average household income to $88,672.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

Family Housing Units in Fleming Island

Choose from a variety of different homes in the city

Housing is typically the biggest expense faced by people every month. Reports suggest that the average per month ownership expenses with the mortgage for those living in Fleming Island is approximately $1,847. Further, the average per month rental in Fleming Island is reported to be $1,413. As mentioned earlier, the number of owner-occupied homes in the city is 8,050. Approximately 61.6 percent of those on rent and 67.3 percent of homeowners spend less than 30 percent of their total income on housing costs (affordability measure). Around 18.3 percent of the homes in Fleming Island are renter-occupied. 86 percent of the total homes in Fleming Island are three-bedroom (or more) housing units and can comfortably accommodate both small and big families.
Tampa, Florida, USA downtown skyline on the Hillsborough River.
a military man with his family in the park

A great city for families with children

The city enjoys a high livability score, above the national average

Fleming Island can be an excellent choice for buying or renting a home if you have a family with children. There are several families with children already living in Fleming Island. This means that it would be easier to establish social connections with these families. Also, the academic success of your children is ensured by the reputed public schools in Fleming Island. The livability score attributed to Fleming Island is 73 (national average is 70). The most popular neighborhoods for buying homes in Fleming Island include Deerwood Jacksonville, Fairfax Jacksonville, Miramar Jacksonville, Pickwick Park Jacksonville among others. Some of the most affordable suburbs in Jacksonville include Nassau Village-Ratliff (median home value-$113,200) and Bellair-Meadowbrook Terrace (median home value-$113,200).
a military man with his family in the park

Common Questions About Fleming Island 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.