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Buying a house in Fort Lauderdale made easy

Also known as the Venice of America because of its expansive canals, Fort Lauderdale is one of the most popular cities in Florida, and one of the biggest tourist destinations in the state. Located north of Miami, this city makes it easy to shop, dine, and spend time in the outdoors. With access to a beautiful beach, restaurants, great schools, plenty of work opportunities, and a variety of attractions for people of all ages, you can choose the right house with the help of Earnest.
Tallahassee, Florida, USA downtown skyline.

Fort Lauderdale offers endless summer for everyone

A beautiful beach, shopping, restaurants, and fun in the sun

Consisting of 36 square miles that include famous Fort Lauderdale Beach and A1A, Fort Lauderdale is an exciting place for snowbirds, retirees, families, young couples, and singles. With a population exceeding 170,000, it's the eighth biggest city in Florida and the biggest municipality in Broward County. When you want to step outside and enjoy nature, you can walk through Hugh Taylor Birch State Park, swim in the Atlantic Ocean, explore Las Olas, and take a boat along the Intracoastal Waterway. Fort Lauderdale has a thriving nightlife, and it’s hard to get bored with the movie theaters, restaurants, and shops. Choose from a variety of beautiful homes, including oceanfront properties that will have you waking up to the sunrise over the water each day. You can also find inland properties that provide tranquility amidst lush greenery.
Tallahassee, Florida, USA downtown skyline.
family of two enjoying beach at florida

Finding the perfect place in Fort Lauderdale

Get the loan you need easily and quickly, at the rate that’s right for you

Buying the ideal house in Fort Lauderdale can be challenging because there are so many neighborhoods to choose from. And with so many open houses to check out, you may not know where to begin. Finding the ideal property at the right price is hardly ever a quick, easy, and painless process when you’re going about it on your own. With the help of the professionals at Earnest, you will be able to determine your must-haves, whether that’s easy access to the beach, access to public transit, walkability, or being close to a school. Then Earnest will help you analyze your financial profile and define your target home price based upon what you can really afford. With the median home price in Fort Lauderdale around $278,500, you can find the home that you can afford and that gives you everything you’re dreaming of in this tropical paradise.
family of two enjoying beach at florida

Common Questions About Buying a Home in Fort Lauderdale

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.