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Earnest can fulfill your Ponte Vedra fantasy

With a median home price of $720,000, Ponte Vedra can be quite pricey. In order to get a good mortgage rate, you should ideally have an income of around $100,000. If a decent amount of savings, you can get 10-30 year fixed mortgages with interest rates at low as 3.6%. The cost of living in Ponte Vedra is 40% greater than the national average. If you are serious about buying, it would be ideal to do it immediately as prices are expected to continue to appreciate over the next few years.
Miami waterfront skyline looking east along the Miami river

A tranquil suburb that meets all your needs

Ponte Vedra is one of Florida's most influential suburbs

Ponte Vedra is filled with top quality clubs, restaurants, beaches, wildlife attractions, schools, and sports attractions. Ponte Vedra's proximity to Jacksonville ensures that the availability of jobs is never an issue and gives you the chance to mix the city lifestyle of Jacksonville with the serenity of Ponte Vedra. The schools are probably Ponte Vedra's biggest attractions to families as it has continually boasted some of the best school districts in Florida. Ponte Vedra allows you to experience life at your own pace. The suburb is home to natural delights such as Bird Island Park and Guana Tolomato Matanzas National Estuarine Research Reserve to help you connect to nature. The prominence of beaches ensures that you can always dabble in a wide variety of water sports. Ponte Vedra is the perfect place to start your family.
Miami waterfront skyline looking east along the Miami river
4th of July fireworks at Miami Beach, Florida.

Get most pocket friendly mortgages in Ponte Vedra

Earnest provides you with mortgages based on your all your needs

The price of a home in Ponte Vedra appreciated by 12% last year. First time buyers are normally of the opinion that securing a mortgage is a cumbersome task. At Earnest, we aim to change your way of thinking and help you secure a mortgage easily. We do not consider only your credit score when you apply for a mortgage. We factor in your savings, your current income, your potential future income, and numerous other factors before arriving at an interest rate. We assist our clients with refinancing their mortgage as well. Our online application process is fast and time efficient, designed to make the process easier. We will cater to your specific refinancing needs and develop comprehensive plans with your blessing. Our client service teams work closely with you in order to meet your personal needs.
4th of July fireworks at Miami Beach, Florida.

Common Questions About Ponte Vedra 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.