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Need a mortgage in Boca Raton? We make it happen

Founded in 1927 , Boca Raton has grown into a city of over 91,000 people and is also the home of Florida Atlantic University. Life here is generally quite relaxed with a strong sub-urban vibe throughout most of the city. Most of the homes and residential developments in the city conform to a general Spanish or Mediterranean revival style that was made so popular back in the 1920s and 30s by notable architect Addison Mizner; one of the visionaries behind the city's founding.
Tampa, Florida, USA downtown skyline.

Stake your claim in one of Florida's finest cities

Earnest can help you find your perfect slice of paradise in Boca Raton

A stunning town with plenty ofgreat beaches and beautiful homes; it's not hard to see why so many people would love to move here. The family friendly neighborhoods, laid back attitude, great schools and plentiful recreational spots make Boca Raton one of the top places to live in Florida. Average home prices according to Trulia are around $344,500 for a mid range home in Boca Raton. That said, the beautiful villas and manors that make up the majority of inventory for sale in Boca Raton would hardly count as mid range anywhere else. The low crime rate, great schools, fantastic weather and beaches all come together to make this city one of the finest places to live in Florida. Newer developments further inland in West Boca trend towards the more affordable end of the spectrum and is more popular with middle income families.
Tampa, Florida, USA downtown skyline.
family of two enjoying beach at florida

Earnest makes mortgages in Boca Raton a breeze

Easy applications and low rates make financing your new home fast & simple

First-time home buyer While Boca Raton is not a common choice for first time home buyers, that's not to say it's not a good idea. While valuations are high, resale values have kept pace and home prices have been steadily appreciating for years. Earnest makes getting a home mortgage fast and simple so you can settle into your new dream home without any delays. We make sure that the mortgage rate you get is one that is tailored perfectly to your particular financial situation. We go further to get you the best rates possible. Refinancing a mortgage If you already have a mortgage, Earnest can provide you with comprehensive refinancing options. There are several reasons that one may want to refinance their mortgage such as gaining additional time to make payments or secure lower monthly payments by taking advantage of lower interest rates.
family of two enjoying beach at florida

Common Questions About Boca Raton Mortgage Rates

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.