Alert Message

Earnest knows Green Cove Spring’s housing market

The average price of a house in Green Cove Springs is $293, 586 and some can be as low as $73, 000 depending on the house. The median home price is 19% lower than the national average and the median rent is 12% lower than the national average. The cost of living in this city is 3% lower than the cost of living in Florida. Also, the cost of housing is an attractive 17% lower than the national average. It is a good decision to buy a house when housing rates are so low.
Tampa, Florida, USA downtown skyline.

A home of famous personalities

Some famous personalities have resided in Green Cove Springs

Green coves Springs is the birthplace of two famous personalities – Charles E. Merrill and Augusta Savage. While the first was a co-founder of Merrill, Lynch & Company, the latter was an African American sculpture. The city is also home to Gustafson's Farm, a brand of milk and dairy products famous in Florida. The package has the picture of Frank and Agnes Gustafson, also known as Mama and Papa Gus. Green cove Springs also saw the shooting of the monster movie Blood Waters of Dr. Z. Buying yourself a home in this location means you will be around famous people all the time! Green Cove Springs is a city that has been built upon the St. Johns River. It is a hydrological spring and sheltered by beautiful perennially green trees. This is a city with a rich history that goes back 7000 years.
Tampa, Florida, USA downtown skyline.
The dynamic Miami skyline at night and a couple of palm trees.

It is easy to get a mortgage with Earnest

Not a problem with credit score because it can be solved ‘earnestly’

As Per Green Cove Spring’s home statistics, home appreciation in the last 12 months is up by 3.0%. It is the perfect time to buy a home in Green cove Springs buy it’s easier said than done. Buying the right home is no easy task and since it is a big investment, it is best to get it right the first time itself. While you are worrying about your financial woes, someone might already be in possession of that home in Green Cove Springs which you wanted. Before it’s too late, call our experts at Earnest and let us know how we can help you with your mortgage. Your credit score may not be too attractive but don’t let that stop you. If your current financial standings and future earnings are satisfactory, we can approve your mortgage with the lowest rate possible. Give us a call before it’s too late!
The dynamic Miami skyline at night and a couple of palm trees.

Common Questions About Green Cove Springs 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

People around a computer

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.