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Take advantage of great Hollywood mortgage rates

From fixed mortgages to various ARMs, loan rates all over Florida, including Hollywood, are hovering between 2.5 percent and 3.6 percent. These rates extend across every type of neighborhood to match property seekers with the best types of homes, close to workplaces and attractions.
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Find your perfect Hollywood home

The essentials for families and visitors alike

One of the most economical choices for a home in Hollywood is a condo, but you'll also discover a diverse selection of apartments and townhouses. Whether the home is located at the beach or more inland, prices are affordable, compared to similar-sized towns in the rest of the country. Hollywood offers a charming array of home styles, from quaint townhouses to luxurious condos with an Atlantic view. Mortgage maps are invaluable to a thorough search, especially if you are trying to get a feel for a neighborhood’s aesthetic and safety. There’s something for everyone in Hollywood, though! Research on specific areas, from the prestige of Emerald Hills to calmer suburbs like Highland Garden, can prove just as useful as looking up dollar amounts for that dream home investment.
Miami Beach Board Walk with Palm Trees, Blue Sky and Clouds
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Hollywood mortgages vs. Hollywood loans

Find your ideal mortgage and apply today!

Researching and pinpointing the right loan for you can be daunting. Earnest helps you use mortgage calculators to really get a handle on your financial capabilities. Remember that although fixed rates might seem like a burden, there are several ways of making a seemingly permanent contract work in your favor. Let Earnest help you find the most reasonable, attainable options with your current resources. Refinancing is another viable option with its own benefits. Earnest helps homeowners explore refinancing, either to save money by lowering their interest rate or to use their home equity to pay for home renovations or other expenses. Refinance rates in Hollywood are on the decline as of September 2016, so take advantage of this golden opportunity in the Sunshine State!
RV recreational vehicle is parked at the beach overlooking Tampa Bay in Florida with the Skyway Bridge in the background

Common Questions About Hollywood 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.