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Loxahatchee homes to suit every buyer

Loxahatchee is a rural area but it has different kinds of homes on offer. Buyers can choose between sprawling ranches, large mansions and gated communities. Residents of the area have the advantage of leading a quiet life and yet having easy access to amenities. Palm Beach is the closest major city and residents can travel there within a few minutes. Loxahatchee has restaurants with different cuisines, pubs, cafes and ice cream parlors spread throughout.
Colorful Vacation Homes on the Florida Keys

Live a peaceful life in Loxahatchee

Loxahatchee is perfect for nature lovers

Located between major highways and close to Palm Beach, Loxahatchee is a rural area with plenty to offer. The community is home to various clubs, restaurants, shopping centers and pubs. But unlike urban communities, Loxahatchee is a quiet place. Land is plentiful and offered in sizes of 1-20 acres. Buyers that want large yards or prefer ranches will find themselves at home in this community. The area’s most popular attraction is the Lion Country Safari Park, a drive through safari that lets visitors observe lions. Loxahatchee Groves is the more popular, well known town that is located in Loxahatchee. Residents of all age groups can live a good life in the city. Ice cream parlors and cafes are popular in the area. Bed and breakfast establishments are also popular and attract tourists.
Colorful Vacation Homes on the Florida Keys
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Get the best mortgage rates in Loxahatchee

Apply effortlessly and avail stunning mortgage rates with Earnest

Loxahatchee might be a small city but homes in the area are on high demand. Median home prices in the area are around $319,000. Mortgage rates are similar to the national rates and a 15 year fixed mortgage has a 2.6% rate. Buyers might have difficulty combing through all their options and finding the best mortgage terms. To combat this, all buyers have to do is apply at Earnest and let us take care of the rest. Not only will we find the best mortgage rates for you, we will help you change existing terms and provide any required assistance throughout the process. Buyers looking to free up cash in order to buy their dream home can also re-finance existing mortgages. The same process works with this as well. Online application, followed by assistance from our expert client service team.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Common Questions About Loxahatchee 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.