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Take advantage of low mortgage rates in WPB

Across the nation, mortgage rates continue to hover at historic lows—but we all know that situation won’t last forever. Now is the perfect time to take advantage of rising home values and start building equity right away. West Palm Beach offers an unusually attractive inventory of affordable homes and condos, as well as great values on luxury homes and elegant historic mansions. Take advantage of Earnest's easy-to-use calculator to get an initial idea of the target price range today!
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Your home dollar goes a long way in West Palm

Contemporary, historic, or lavish—WPB caters to every taste and budget

WPB is brimming over with Mediterranean and Spanish-style mansions, enchanting 1920s bungalows, and trendy lofts in urban, downtown, and waterfront areas, including Flamingo Park, Clematis, and El Cid. Those who prefer sleek and modern will find high-rise condos that command waterfront and city-light views or luxurious new homes on spacious lots that surround sparkling pools with breathtaking outdoor living spaces. Right now Trulia is setting the current median home price in West Palm Beach at an affordable $180,250. Regardless of the type of home and neighborhood attributes you choose, take time to investigate the comps of recently sold homes as well as property taxes. It’s also essential to research the safety statistics for every target neighborhood since West Palm Beach crime rates are higher than the national average.
Orlando, Florida, USA downtown cityscape over the highway.

The finest home loan available in West Palm Beach

Earnest offers a quick and easy application and low rates

The first step toward home ownership is getting a preapproved loan. The mortgage rate you qualify for will depend on a number of factors, such as your credit rating, the loan purpose, the property’s ZIP code, purchase price, and down payment. Once you have a preapproved loan, you can launch your home search in full confidence and truly enjoy the exciting adventure of making your dreams come true. If you are refinancing your West Palm Beach home, the loan process will be similar to a home purchase in terms of qualifying and identifying available interest rates. Refinancing a home loan can be an attractive option for a number of reasons, whether you're looking to change the loan term or turning home equity into cash. Whatever your plan might be, Earnest can help you identify the best option for your unique needs and situation!

Common Questions About West Palm 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.