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Buying a home in Okeechobee is easy, and wise

According to the residents of Okeechobee, the city is an ideal place to bring up your children. The crime rate is very low and the city offers a lot of amenities. There are a number of good schools in the city. The cost of living is lower than the national average. There are good healthcare facilities in and around the city. The city has a 'small town' feel to it and so people who like it 'quiet' will like it here. Palm city, Lake Placid and Jensen Beach are some of the notable nearby cities.
Jacksonville, Florida, USA downtown city skyline on St. Johns River.

Okeechobee is a city of festivals

The Gateway to South Florida with convenient access to Central Florida

Okeechobee is located in the Okeechobee County, Florida. Named after the largest freshwater lake in the state of Florida, lake Okeechobee, the city of Okeechobee is famous as the 'Speckled Perch Capital of the World'. The annual 'Speckled Perch Festival' is the largest festival in the city. People from all over the country flock to the city to take part in the festival. The city offers a variety of activities, such as horseback riding, fishing, hunting and so on. Okeechobee has a business-friendly atmosphere. The city has 2 industrial parks. Its location as an easy gateway to South Florida and Central Florida is a factor that is already attracting many businesses to the city. 97% of the Okeechobee residents commute by car. The job growth rate is predicted to go up over the next few years.
Jacksonville, Florida, USA downtown city skyline on St. Johns River.
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Owning a home in Okeechobee is easy right now

Earnest can find a great Okeechobee home for you and get you a mortgage

The economy of Okeechobee is growing. Its strategic location as a gateway to South Florida and the accessibility to Central Florida from the city is attracting businesses from all over the country. 2015 saw the home values going up and it is expected to grow up only. The time to buy a budget-friendly home in Okeechobee is right now. It can be a solid investment for the future. Earnest can help you find the right home in Okeechobee. We can find you a single-family home or a condo or a townhome or an apartment in the city, in a safe neighborhood, where you will have immediate access to amenities such as supermarkets, healthcare facilities, schools and so on. We can get you a mortgage with a fair rate as well, even if you have a bad credit score. Our online application process is easy.
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Common Questions About Buying a Home in Okeechobee

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.