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Fort Walton Beach - Alluring to every home buyer

Fort Walton Beach is a peaceful location with lots to do. Pristine beaches and golf courses are perfect for a day out in the sun. Famous golf courses like The Oaks and The Pines are open to the public and other championship courses like the one in Regatta are only a short distance away. Fishing is also a big activity as both shore and boat fishing are rising in popularity. Residents in the area have everything close by including museums, parks and theaters.
Miami, Florida, USA downtown aerial cityscape.

Fort Walton Beach is a quiet town

Sand, surf and golf, Fort Walton Beach has it all

Located in Okaloosa County, Fort Walton Beach is an ideal place throughout the year, but is especially crowded during the summer and spring break. Tourists swarm to the area as it is part of the Emerald Coast. Permanent residents of the area get to enjoy the beauty of the beaches all year round. The city has a long list of amenities to cater to residents' needs and is serviced by the Northwestern Florida Regional Airport and has a great public transport system in place. It is also close to a major highway, with State Road 189 running through the city. Those who prefer outdoor activities can partake in golf and a large variety of water sports. Adventure parks, hiking trails and the pier also make for great entertainment. Those who prefer indoor entertainment can visit the various museums, bowling centers, theaters and more.
Miami, Florida, USA downtown aerial cityscape.
4th of July fireworks at Miami Beach, Florida.

Homes in Fort Walton Beach at great prices

All the right tools to find Fort Walton Beach homes

According to AreaVibes, the median home price in Fort Walton Beach is $156,600. Homes start around $75K and could cost you more depending on the type of house you prefer. Even $75K is a big investment and buyers need to research homes before purchasing. While choosing a house, buyers will have preferences about the neighborhood, cost, it's proximity to important locations like the beach, downtown, nearby amenities and more. At Earnest, we have a great system in place that takes all the buyer's priories while suggesting the best homes. Buyers are also presented with the estimated ideal price range after analyzing their unique financial portfolio. Home buying has never been this easy and Earnest can make it an easier process for you. Our simple application process and results, are beneficial for every buyer.
4th of July fireworks at Miami Beach, Florida.

Common Questions About Buying a Home in Fort Walton Beach

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.