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A deep market knowledge is our number one asset

According to Zillow, the median home value in Delray Beach, Florida is$169,100. The median list price per square foot is $163. (The Miami-Fort Lauderdale Metro average is $198). At present, $259,000 is the recorded median price of Delray Beach homes. The property price in the city has been rising since the 2003 downtown Delray building boom, and it will only go up. Delray Beach homes are a little pricey, however, Earnest can help to find a home that fits your budget.
Tallahassee, Florida, USA downtown skyline.

Day or night, the fun never stops in Delray Beach

It is the activities and the people that make Delray Beach an amazing city

Delray Beach's clean white sandy beaches are Blue Wave certified. Royal Palm trees and the bright colored cabanas all make the beaches very picturesque. The Delray Medical Center is one of the best hospitals in the United States. There are a number of prominent golf courses and tennis centers in the city. The hundreds of restaurants and cafes located in the city serve all types of cuisines. The transit facilities offered by the city is impressive, you can travel by rail, bus or by boat. Delray's Atlantic Avenue is Florida's longest main street. The Pineapple Grove Arts District located downtown has Art Deco style beach condos and town-homes that are simple yet beautiful. The beach homes located closer to the beaches are expensive. Earnest can help you find a beach home that is affordable. Delray Beach is an ideal place to retire to.
Tallahassee, Florida, USA downtown skyline.
View of St. Petersburg. Saint Isaac's Cathedral from Palace Square in night

An online application process that is easy

Earnest can get you a mortgage that you can easily manage in the long run

Buying home for the first time? Be smart about it Buying a home can seem like a daunting task when you are doing it for the first time. It does not have to be if you choose Earnest. We have a process already in place to make the whole home buying process easy for first time home buyers. We can get you a fair deal that suits your budget. We can help you get a mortgage with a rate that is totally fair and by fair we mean, the lowest rate possible. Refinancing your mortgage need not be a headache We understand that you may have to adjust your financial position based on the ups and downs in the market. If you find yourself struggling to make the installments, talk to us. We can work with you and get a lower payment on your mortgage. We can also help you to close a mortgage early without attracting penalties. We can really help.
View of St. Petersburg. Saint Isaac's Cathedral from Palace Square in night

Common Questions About Delray 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

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.