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Thinking of a home in Bonita Springs, Florida?

Bonita Springs is located about 25 miles (roughly 40 minutes by road) from Fort Myers. As of 2014, it had a population of 49,299 – half of them moved here only after 2000, after discovering all that Bonita Springs has to offer. Mean temperatures range between 65 °F and 82 °F, making for pleasant living all throughout the year. The crime rate is also 43% less than the state average. According to listings on Zillow, a two-bedroom 1,276 square-foot condominium can be purchased for around $235,000.
Fort Lauderdale Beach as seen from a Cruise ship leaving port on a sunny day with Clouds and lots of buildings on the Beach

Living in Bonita Springs

It is a big city that is close to nature

Bonita Springs is spread over 41 square miles, and there are plenty of places to see and things to do. The beach at Barefoot Beach Preserve has been ranked sixth-best in the United States, and there is also Bonita Beach where you could go swimming. There is another beach where you could let your dog off-leash, and this is adjacent to a dog park. This way, even Man’s best friend can enjoy living in Bonita Springs. A greyhound racing track in the city allows you watch canines at their full speeds. If you like nature, you will appreciate the the 1616-acre Lover’s Key State Park and the the Corkscrew Swamp Sanctuary where you can watch exotic flora and fauna in their natural habitat. The Everglades Wonder Gardens is not-for-profit rescue center where you can get up close with birds and reptiles.
Fort Lauderdale Beach as seen from a Cruise ship leaving port on a sunny day with Clouds and lots of buildings on the Beach
Saint Petersburg bridges

Buy a home in Bonita Springs

With Earnest, it will be easy

There are several PreK-12 schools in Bonita Springs, and higher education needs are met by the Southern Technical College, which has a campus here. The city is served by the Southwest Florida International Airport, 25 miles away. With Bonita Springs being a city by the water, there are plenty of opportunities for swimming, kayaking, scuba diving and snorkeling. The Center for the Arts of Bonita Springs regularly hosts art, musical and cultural festivals. When your drive around Bonita Springs, you will understand why this is a place you can call home. At Earnest, we look at your financials and pre-approve your mortgage, so that you can look at the right homes in the area. Low rates and simplified paperwork only sweeten the deal further, and we offer special rates for veterans.
Saint Petersburg bridges

Common Questions About Buying a Home in Bonita Springs

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

People around a computer

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.