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Owning a home in Gainesville is within your reach

Currently, the house prices in Gainesville is steadily dropping. It is the perfect time to think of buying a house as properties that might have been outside your immediate reach have now opened up. Gainesville has numerous neighborhoods where it is possible for you to build a home and raise a family. With the average home prices around $127,900 and appreciation rates at just 1%, you can really settle in long term. The cost of living here is also 10.10% less than the national average.
Jacksonville, Florida, USA downtown city skyline.

You can own a home in Gainesville today

Make the choice about what kind of house you would like

Gainesville is a city that is both a university town as well as a city with vibrant neighborhoods, perfect to raise a family or build a career. There are a few neighborhoods here that are both perfectly located, as well as affordably priced. You will be surprised to learn that Gainesville is not as sunny as the rest of the sunshine state. In fact, there are quite a few rainy days here, but it all equates into a beautifully temperate and pleasant climate through the year. Transportation in Gainesville is mostly by car. In fact, it has been found that 92% of the population here have and drive their own cars. In spite of this, the commute time on average is only 16 minutes. Apart from the University, the city is also home to a number of highly rated public and private schools that cover most neighborhoods.
Jacksonville, Florida, USA downtown city skyline.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Bringing you the best mortgages in Gainesville

Quick applications, low rates

Home buyer There are three kinds of buyers in the market; first timers, investors and retirees. Each have their own unique requirements for mortgages. Before buying a house, a budget has to be set and this budget is based on how much you are able to acquire as loan. Rates varies greatly depending on factors that stretch out from credit scores to down payment to the actual purpose of the loan. Refinancing If you are looking for a refinance option in Gainesville, that can also be arranged. Refinancing is a great option if the climate is right in the housing market. In some cases, a good refinance can free up a large chunk of money. There are a number of options, including changing the number of years you pay and the type of payments you make. Earnest will help you find the right options based entirely on your requirements.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Common Questions About Gainesville 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.