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Get your own home in Boynton Beach

In Boynton Beach. the median price of a home works out to an affordable $128,000, which is cheaper than the median home price of $153,300 for the whole of Florida. But don’t let that put you off, you could actually get a spacious 1,600 square-foot three-bedroom condominium in Boynton Beach for just $30,000. If you would like your own private beach, a 2000-square-foot waterfront property with its own boatyard costs less than $300,000. So there is something for everyone!
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Settle down in Boynton Beach

A place you can call home

Boynton Beach is the place where your next home should be. The City of Boynton Beach believes that art is not meant to be experienced in museums or galleries. As such, you will find public art built into landscapes, infrastructure, greenways and architecture across the city. There are also parks located by the water where you could relax and catch an occasional glimpse of the friendly manatees that dare to come close. You could also take in the scenery while on your bike, for there are biking trails in the 10-acre Intracoastal Park. The Mangrove Park offers you an opportunity to spot wildlife in their natural habitat. Boynton Beach is only 33 miles on the I-95 from Fort Lauderdale, which is where the nearest international airport is located. Miami is roughly an hour’s drive away (60 miles) from Boynton Beach.
View of Miami at sunset, special photographic processing, USA
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The Earnest advantage

Owning a home is easy with Earnest’s mortgage rates

For first-time home buyers, Earnest offers some of the lowest rates. What is more, we will pre-approve your mortgage. This way,you can do a better job house-hunting in Boynton Beach when you know how much you qualify for. This information also enables you to bargain better to bring the price down if the mortgage on it is going to be slightly more than what you are eligible for. If you were considering refinancing your home in Boynton Beach, get in touch with us. With our low rates, we can help you save thousands of dollars. Lesser monthly home payments mean more cash in hand for expenses. You could also tap into these funds in case of emergencies. If you are stuck with an Adjustable Rate Mortgage or ARM, refinancing is the best way to move over to a fixed rate, protecting you from further rate increases in the future.
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Common Questions About Boynton Beach 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.