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Making Pompano Beach home buying easier

There’s no telling how high property rates will rise in Pompano Beach, a booming city for real estate. But for now, like in other places in Florida, mortgage rates in Pompano Beach are low. With affordable classic and modern homes, beachside properties, and public amenities, you’re certain to find the place that’s “the one.” Our simple calculator can help you determine your target price range.
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Determine what kind of home you can afford

Pompano Beach has everything from contemporary condos to classic coastal

Pompano Beach is a big enough city that it has many options for singles and couples looking to buy homes. Plenty of properties have palm-tree filled yards overlooking the water, while others are low-maintenance condos with ocean-side flair. Recently sold homes in Pompano Beach went for around $173 per square foot, but home prices varied significantly based on location. Not surprisingly, beachside properties are significantly more expensive. Pompano Beach has the perfect home for every kind of buyer. Neighborhoods range from the affordable and recently developed Loch Lomond to the ocean-side Terra Mar. While you do have many options in Pompano Beach, more than half of the city’s properties are apartment homes, meaning that you might have to spend some time searching for an open single-family home or duplex.
Fort Lauderdale Beach as seen from a Cruise ship leaving port on a sunny day with Clouds and lots of buildings on the Beach
Woman kayaker paddling down a beautiful jungle river with two people in a canoe on a gorgeous day.

Pompano Beach’s premiere home loans

Optimal mortgage rates and an easy-to-complete application

Whether you’re a seasoned pro or shopping for your first home, your first step to home ownership—or new home ownership—is a loan. Your rate will vary based on where you’re buying a home, your credit score, the down payment you’re able to make, purchase price, and your veteran status. Your realtor can give you more tips on your mortgage. After you’ve determined the path you want to take, you can work to get preapproved for your mortgage. There are many reasons why you might want to refinance your home. Maybe you want to lower your interest rate or tap into your equity to renovate your basement. Whatever your reasons, you need to research the loans that best fit your current situation. No matter whether you want to change your loan term length or apply for a fixed mortgage, Earnest can help you secure a refinance plan that works.
Woman kayaker paddling down a beautiful jungle river with two people in a canoe on a gorgeous day.

Common Questions About Pompano 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.