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Thinking of a home in North Fort Myers, Florida?

Spread over 54.6 square miles, 36,609 people (accurate as of the 2010 census) have made it their home. Mean temperatures range between 64 °F and 82 °F, so living here is pleasant. Fort Myers is just 3 miles away, across the Caloosahatchee River. According to listings on Zillow, a four-bedroom 2,032 square-foot home in a gated community with all amenities (including an Olympic-sized swimming pool, tennis courts, gym, playground et al) and a scenic view of the water costs $260,000 to own.
View of Miami at sunset, special photographic processing, USA

Settle down in North Fort Myers

It is as close as you can get to Fort Myers

A number of PreK-12 schools serve North Fort Myers. For higher education, there is the Edison State College, located about 11 miles away, while Florida Gulf Coast University lies further at 18 miles from North Fort Myers. If you enjoy a good game of golf, there is the 150-acre Eastwood Golf Course with its 18-hole course and rolling fairways. It was named by Golf Digest as one of the Top 100 Public Golf Facilities in the United States. There is another golf course at Magnolia Landing, which offers breathtaking views. You can also enjoy waterskiing or experience a jetpack. North Fort Myers also offers enough avenues for entertainment and nightlife, including a comedy club and a discotheque. For nature lovers, there is the 2,654-acre Prairie Pines Preserve and the 1,290-acre Caloosahatchee Creeks Preserve.
View of Miami at sunset, special photographic processing, USA
Art deco district of South Beach in Florida USA

Buy a home in North Fort Myers

With Earnest by your side, it will be easy

Earnest pre-approves your mortgage so that you can look specifically at the North Fort Myers homes that you qualify for. Homes here are priced 57% lesser than the state average for Florida and the cost of living is also cheaper by about 12%. There are plenty of fun things to do in North Fort Myers, like a visit to the Jumping Jacks Fun Zone or the El Rio Golf Club, which is a great option for people of all skill levels and ages. Wigert’s Mango Grove & Bonsai Nursery can be calming when you need to de-stress or there is the All Star Massage that you could look at. Shell Factory & Nature Park allows you to watch animals up close. Earnest is committed to making the process of owning a home as effortless as possible. Its low rates mean that the mortgage will never be a drain on your finances.
Art deco district of South Beach in Florida USA

Common Questions About Buying a Home in North Fort Myers

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.