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Buying a house in Boca Raton? We can make it easy.

Ready to settle down in the lap of luxury? You do not need to look any further than Boca Raton. A wealthy sub-urban town located north of Pompano beach in the greater Miami metropolitan area. Boca Raton has an amazing selection of homes available so you’re certain to find one that suits you perfectly. Boca Raton is a safe town with great restaurants, shopping & recreation along with a school district that is one of the highest graded in the state. And don’t forget the great weather and beaches
Tampa, Florida, USA downtown city skyline over the Hillsborough River.

Boca Raton, an urban tropical paradise

Surf, sand and sunshine all year round; what more could anybody ask for?

When someone dreams of kicking back and enjoying the “Good life”. The chances are that whatever they are imagining, pretty closely resembles daily life in Boca Raton. There's a lot that goes into making a city a great place to live, and if recent surveys are any measure, Boca Raton has got them all in spades; being voted Florida's best and 2nd best cities in 2014 & 2015. Ask around and most locals will tell you that it's the people that make Boca Raton what it is… Though they readily admit that the great beaches and weather probably don't hurt either. Boca Raton is highly popular due to its proximity to the larger communities of Miami and Palm Beach and the ample natural beauty in the area, mostly on display at the many coastal parks such as the Spanish River Park and Red Reef park which is home to the Gumbo Limbo Nature Center.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

The Mortgage you've been waiting for

Earnest uses data other lenders don't to get you the rate you deserve

The average home price in Boca Raton is currently around $344,500 on Trulia. Averages rates are approximately $184 per square foot. While this is higher than the state average, rates in Boca Raton have been rising steadily each year with average appreciation currently standing at between 5% and 5.8% . The high rate of appreciation makes Boca Raton an interesting option for investment despite the high average property rates The most valuable areas are naturally are closer to the waterfront, with the neighborhoods around the country club and Deerfield Beach being the most valuable properties in the area. You can choose from a selection of large contemporary villas and fully specced condos. With an Earnest mortgage, you can get access to the funds you need to invest in your dream home in Boca Raton at an attractive and affordable rate.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Common Questions About Buying a Home in Boca Raton

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.