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Thinking of a home in Palm Beach Gardens, Florida?

Living in Florida has always been about style and luxury. Florida’s affordable home prices ensure that you can do this without burning a hole in your pocket. Palm Beach Gardens offers you the best of Florida. According to listings on Zillow, a brand new four-bedroom 1,600 square-foot home with a panoramic view of the water can be yours for just $85,000. For more than a million dollars, you could get a 5,000 square-foot home whose interiors are tastefully done up, signifying the best of luxury.
Colorful ocean beach sunrise with deep blue sky and sun rays.

Experience life in Palm Beach Gardens

There is more to Palm Beach Gardens than just golf

Palm Beach Gardens has a population of 51,919 (as of 2014), and an area of 55.3 square miles, resulting in more area per inhabitant. Thanks to its golf courses (there are 12 of them), it has earned itself the nickname The Golf Capital of the World. It is the headquarters of the Professional Golf Association and has hosted both the Ryder Cup as well as the PGA Tour. There are a number of brand outlets for retail shopping at The Gardens Mall. There are also spas if you want to relax, and The Downtown Carousel has an old-style merry-go-round that delights both children as well as grandparents. Plus, there is also fishing, scuba diving, snorkeling and kayaking down by the water. Fine dining establishments add to the charm of the place. There are several private and public elementary, middle and high schools in Palm Beach Gardens.
Colorful ocean beach sunrise with deep blue sky and sun rays.
Rear view of a family canoe ride down a beautiful tropical river.

Buy yourself a home in Palm Beach Gardens

Get Earnest in your corner

Earnest pre-approves your mortgage so that you can look at homes that you qualify for. You could enlist the professional services of a real estate agent to help you with your search, or do it yourself. Driving around Palm Beach Gardens will help you realize why both Serena and Venus Williams have made it their home. The place has a unique appeal that no other city can match. With Earnest’s low rates, the mortgage will work out to be cheaper than paying the rent. Additionally, Earnest’s simplified paperwork means that you could be a homeowner in Palm Beach Gardens sooner than you expect, without any of the hassle. Do you still need a reason to get in touch with Earnest?
Rear view of a family canoe ride down a beautiful tropical river.

Common Questions About Buying a Home in Palm Beach Gardens

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.