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Loxahatchee is a serene city

One of the most rural parts of the Palm Beach areas, Loxahatchee is an unincorporated community. It is named after the river with the same name. Loxahatchee is surrounded by Wellington and Royal Palm Beach. The city is filled with ranches, luxurious mansions and some peaceful bread and breakfast establishments. It is one of the most rural areas around West Palm Beach and is perfect for those wanting to live a rural lifestyle.
Miami waterfront skyline looking east along the Miami river

Loxahatchee homes are spacious

Ranches, farms and mansions at Loxahatchee

Home to the Lion Country Safari, Loxahatchee is a quiet, remote city located inland from West Palm Beach. The Lion Country Safari offers visitors the opportunity to drive through the woods. Lions are commonly spotted during the safari. Loxahatchee also falls in the middle of the Indian Trails Improvement District, and is responsible for the improvements of canals, roads and parks within the district. A small part of Loxahatchee was incorporated as the town of Loxahatchee Groves to prevent encroaching growth. Plots in the area are huge and are available from anywhere between 1-20 acres. Golf is the sport of choice in the area. Country clubs like the Madison Green Country Club and The Club at Ibis offer top of the class amenities including tennis courts and swimming pools. Gated communities surround the country clubs.
Miami waterfront skyline looking east along the Miami river
Brother sister and dog playing on sandy Florida beach in the summer sun

Loxahatchee homes are diverse

Your ideal home is waiting for you at Loxahatchee

Loxahatchee might be a rural area but it has top class amenities to offer. It is located a short drive away from Palm Beach and has great weather throughout the year. Crime rates in the area are low and the cost of living is affordable. All of this make Loxahatchee a good place to buy a home. The median home price in the area is$319,000. Earnest can help you find the right home using our unique metrics. Buyers have to apply through our online only application process that is fast and easy to complete. Once the application is complete we can identify an ideal price range for the buyer. Homes that match the buyers top priorities are also identified. For buyers that require help with mortgages, we offer fair prices and our expert client service team can assist them.
Brother sister and dog playing on sandy Florida beach in the summer sun

Common Questions About Buying a Home in Loxahatchee

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.