Alert Message

Purchasing a home in Lake Worth just got easy

Lake Worth is an affordable housing community in Palm Beach County with remarkable diversity, a buzzing downtown, and vast natural resources. The median home value in the city is $135,500, and capital appreciation is expected in the future. You can take your pick from townhouses, condominiums, single-family and multi-family homes. Depending on your preferences and budget, Earnest can help you find a great home at a great price. Discuss your requirements with us today.
Jacksonville, Florida, USA downtown city skyline on St. Johns River.

Lake Worth is charming and quirky

Abundant open spaces make for an ideal location to buy a home

Covering 7 square miles of Palm Beach County, Lake Worth is named for a lagoon in its eastern border, and enjoys a reputation of being a quirky and relaxed beach town. Though it has remained in the shadow of its neighbor West Palm Beach, Lake Worth is taking steady steps to accelerate its economy and improve its infrastructure. The city has rich natural resources and abundant open spaces. But a lot of it – especially the downtown – remains unchanged. The traditional architecture and old-world charm lends Lake Worth a distinct personality. But amenities can be expanded and the local economy can receive a shot in the arm from concerted efforts. Lake Worth is culturally rich, with exciting live music venues, annual Gay Pride Day, Reggae Festival and Street Painting Festival. The city attracts students, professionals and artists alike.
Jacksonville, Florida, USA downtown city skyline on St. Johns River.
a military man with his family in the park

A smooth journey to home ownership

We help you find and finance your dream home

Buying a home involves a lot of jumping through hoops, from finding the right neighborhood to live, to assessing which homes meet your requirements and budget. To make informed decisions, it is essential to connect with someone who has local knowledge of the city's real estate, and experience matching home buyers' needs with suitable properties on the market. Earnest is not just familiar with Lake Worth's property market, but also has a wealth of data on the city. Leverage this information to identify which part of the city you see yourself living in, and what type of homes fit your budget. We can also assist with the number crunching, so you're able to judge your options more comprehensively, and make well-considered choices. Once you have identified your priorities, get in touch with us to expedite the home purchase process.
a military man with his family in the park

Common Questions About Buying a Home in Lake Worth

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.