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Realize Lake City property dreams with Earnest

According to Areavibes, Lake City has a ranking of 864 among Florida cities. Residents enjoy lower living expenses and adequate local amenities. The home values in this Florida city went up by 10.2 percent in 2015. The list price for every square foot in the city is calculated to be $91. The average price of properties presently listed in the city comes to $159,900. The total area of the city is about 12 square miles. About 3.20 percent of it is water.
Jacksonville, Florida, USA downtown city skyline on St. Johns River.

A little city dunked in United States history

Other places got lifestyle, but Lake City's has the history

Lake City replaced a Seminole village already established on the site. The first European settlement came into existence in 1830. It was known as “Alligator” after the original American Indian name Alpata Telophka which meant the reptile. The town's name was changed to Lake City at the insistence of the town mayor's wife. The latter part of the 19th century saw this Florida town being thrust into the American Civil War. The Battle of Olustee took place in February 1864. Both Confederate and Union forces suffered casualties. The town was-and still is- forward looking. Columbia Amateur Radio Society came into existence in 1958. The group of amateur radio operators continues to be in existence even today. The Interstate 75 passing through the town carries a significant proportion of Florida's commercial and tourist traffic.
Jacksonville, Florida, USA downtown city skyline on St. Johns River.
The dynamic Miami skyline at night and a couple of palm trees.

A mortgage to fit your exacting requirements

Get the best home mortgages in Lake City with Earnest

For those buying a home the first time, Earnest can help the process to be much less intimidating. Our process is not only simpler, but faster too. This is achieved by the online exclusive application process. In the unlikely scenario of you having any doubts, do not hesitate to dial up our extremely efficient client service team. You will find them knowledgeable and friendly. They will answer all your queries so that there will be no more doubts in your mind. Count on us to get a rate which will surely make you happy. When you are with us, you will move into your new home faster. At Earnest, we understand that repaying any home mortgage takes time. We also know that a lot of things-particularly finance- could vary over time. We can help you to refinance the existing mortgage. We will help you to access built up equity of your home.
The dynamic Miami skyline at night and a couple of palm trees.

Common Questions About Lake City 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.