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Jacksonville Beach offers incredible homes

Jacksonville Beach is a scenic city located in Duval County. It’s beach is the most popular attraction and it offers some breathtaking views. The Jacksonville Beach Pier is also a great place to sit back, relax and enjoy the view. The Jacksonville Beach Golf Club is another major attraction in the city along with the Adventure Landing amusement park. Overall, the city has something for every resident to indulge in and isn’t a typical small town.
beautiful beach with condominiums and skyscraper in Sunny Islands, Miami

Jacksonville Beach has the perfect home for you

Condos to ranches, Jacksonville Beach has something for everyone

With a population of almost 22,000 people, Jacksonville Beach is the ideal place for families, singletons and seniors. The city is young and active with a median age of just 42.2 years. The city has a long history that goes back to 1763, when Spanish settlers first settled there. It’s history is reflected throughout the city through various museums and monuments. Apart from the history, the city has an air of excitement around it. Water sports are popular activities along with the Golf Club. Various parks are scattered around and the Cradle Creek Preserve is a treat for residents. Whether your idea of a perfect city is one where you can sit on a pier and fish all day or go out on the town for a night out – Jacksonville Beach has you covered. The city is gaining popularity among home buyers and the median home price is $254,400.
beautiful beach with condominiums and skyscraper in Sunny Islands, Miami
Group of friends jumping from the boat. having fun on the yacht and in the water

Get the best mortgage and re-financing options

Mortgage rates that make home owning in Jacksonville Beach a possibility

With the rise in popularity of Jacksonville Beach, potential home buyers need to get moving quickly. Mortgage rates currently stand at 2.6% for a 15 year fixed mortgage and this rate will further vary depending on specific areas, home prices and more. At Earnest, buyers can easily apply online and after taking a look at their unique financial portfolio, we can provide the right rates for every buyer. Unlike other companies, we take savings, earnings and potential earnings into consideration while coming up with a financial plan. Mortgages and re-financing are a must for some buyers. Earnest can help you choose the most beneficial mortgage and re-financing terms including the duration, fixation and more. We can predict how much you will save and provide the right plan for repayment.
Group of friends jumping from the boat. having fun on the yacht and in the water

Common Questions About Jacksonville 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.