Alert Message

Buying a house in Boynton Beach, Florida?

At Boynton Beach, the homes are as vast and spacious as the beach. There is something to fit every pocket. In fact, you could get a 1,660 square-foot townhouse for just $143,000, or a similarly-sized condominium for less than $30,000. All of them come with great-looking front yards and spacious backyards that afford great privacy. The coast is only a short distance away, and even a 2,000-square foot waterfront property that comes with a private beach costs only $275,000.
Miami Florida skyline of downtown colorful skyscraper buildings

The beach isn’t the only thing about Boynton Beach

There is a lot more to look forward to

Boynton Beach, FL, the place where you can find your dream home. Boynton Beach is home to 73,124 (as of 2014) and more people are moving to the area, after discovering all it has to offer. You could go fishing in the Gulf Stream (Boynton Beach’s nickname is ‘America’s Gateway to the Gulfstream’), or enjoy the thrill of a speedboat. A host of other activities, such as scuba diving, snorkeling, water skiing and jet skiing are also available. Or you could relax and enjoy the sun at the Oceanfront Park Beach. There are also plenty of spas in Boynton Beach. If you are a foodie, you will definitely love this place, for there are many restaurants and cafes that serve up a variety of cuisines. There are several elementary, middle and high schools in Boynton Beach. In fact, the school district is the 12th largest in the entire United States.
Miami Florida skyline of downtown colorful skyscraper buildings
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

Buy your home in Boynton Beach

With Earnest, it will be easy!

At Earnest, we pride ourselves on providing the best mortgage rates. Simply get in touch with us for a friendly chat, so that we can pre-approve your mortgage. All you then need to do is look around for the property that best suits your needs, and move in as soon as the paperwork is completed. If you have already found your dream home in Boynton Beach, but aren’t sure if you can afford it, we can help. With our low rates, we have helped many become homeowners and enjoy their new homes. With prices that appreciate to help you realize your investment faster, what better place than Boynton Beach?
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

Common Questions About Buying a Home in Boynton 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

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.