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Mortgage rates to put your dream home within reach

With mortgage rates still at historic lows, it’s the perfect time to buy your dream home. With hip hangouts for young professionals and rambling homes perfect for growing families, Earnest can help you find both the home and the mortgage that are just right for you. Our calculator helps you figure out how much you can spend, which is a great way to target your search.
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A home for today and for tomorrow

A neighborhood for everyone

Whether it’s residential, urban Brooklyn, or a suburban beach community, Jacksonville offers a variety of home styles and price ranges. And the city’s 25-year growth management plan ensures that tomorrow’s Jacksonville will be just as desirable as today’s. From an average home price of $30,000 in Commonwealth to $495,000 in North New Berlin, your dream home awaits.
Miami Florida skyline of downtown colorful skyscraper buildings
Tallahassee, Florida, USA downtown skyline.

Jacksonville’s best home loan

Streamlined process from application to close

Interest rates are low, but that doesn’t mean they’re simple. There are many factors that affect your mortgage rate, including the purchase price, the ZIP code, your down payment, your credit score, your veteran status, and so on. Let your real estate agent and Earnest make sure you’re getting the best rate you possibly can. Happy where you are? That’s okay, too. Whether you’re looking at refinancing an existing mortgage or are considering an investment property, now is a good time to apply for a mortgage loan, and Earnest is waiting to help you do it.
Tallahassee, Florida, USA downtown skyline.

Common Questions About Jacksonville 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.