Founded in 1927 , Boca Raton has grown into a city of over 91,000 people and is also the home of Florida Atlantic University. Life here is generally quite relaxed with a strong sub-urban vibe throughout most of the city. Most of the homes and residential developments in the city conform to a general Spanish or Mediterranean revival style that was made so popular back in the 1920s and 30s by notable architect Addison Mizner; one of the visionaries behind the city's founding.
Stake your claim in one of Florida's finest cities
Earnest can help you find your perfect slice of paradise in Boca Raton
A stunning town with plenty ofgreat beaches and beautiful homes; it's not hard to see why so many people would love to move here. The family friendly neighborhoods, laid back attitude, great schools and plentiful recreational spots make Boca Raton one of the top places to live in Florida.
Average home prices according to Trulia are around $344,500 for a mid range home in Boca Raton. That said, the beautiful villas and manors that make up the majority of inventory for sale in Boca Raton would hardly count as mid range anywhere else. The low crime rate, great schools, fantastic weather and beaches all come together to make this city one of the finest places to live in Florida.
Newer developments further inland in West Boca trend towards the more affordable end of the spectrum and is more popular with middle income families.
Earnest makes mortgages in Boca Raton a breeze
Easy applications and low rates make financing your new home fast & simple
First-time home buyer
While Boca Raton is not a common choice for first time home buyers, that's not to say it's not a good idea. While valuations are high, resale values have kept pace and home prices have been steadily appreciating for years. Earnest makes getting a home mortgage fast and simple so you can settle into your new dream home without any delays. We make sure that the mortgage rate you get is one that is tailored perfectly to your particular financial situation. We go further to get you the best rates possible.
Refinancing a mortgage
If you already have a mortgage, Earnest can provide you with comprehensive refinancing options. There are several reasons that one may want to refinance their mortgage such as gaining additional time to make payments or secure lower monthly payments by taking advantage of lower interest rates.
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.
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.
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.
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.
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
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.
The average savings calculation is the sum of all projected savings divided by the number of clients included in the projected savings calculation. These calculations assume that clients’ interest rates will not change over time, that clients make all payments on-time, and that no loans will be prepaid.
Here’s what our math includes:
Projected savings for clients who provided outstanding balance, APR, and current monthly payment amount for their existing student loan(s)
Both fixed and variable rate loans
And here’s what our math excludes, and why:
Savings from any client who stated that the current interest rate on their loan was greater than 12%. (Why: this is intended to filter out any cases where client error may skew the savings calculation higher.)
For any client who stated that the projected term of their loan was greater than 25 years, we do not include in our calculation any additional savings that might be realized if their existing loan were to take longer than 25 years to pay off in-full. (Why: 25 years is the maximum term allowed for a Federal student loan, or the cap on any Federal student loan under Income Based Repayment.)
Savings from any client whose indicated monthly payment was not sufficient to pay down the loan balance over time. (Why: this is intended to filter out any cases where the client misstated either their monthly payment amount, interest rate, or both.)
All refinancings by clients who chose a longer term than their existing student loan. (Why: some clients choose longer loan terms to match their monthly loan obligations to their unique life circumstances; while we encourage clients to take advantage of Earnest’s flexible term and monthly payment features, these cases are not indicative of the savings that result from lower rates through better data.)
Explanation of Rates “With Autopay”
Rates shown include 0.25% APR reduction where client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.
Explanation of Precision Pricing™ Savings
Savings calculations are based on refinancing $121,825 in student loans at an existing loan servicer’s interest rate of 7.5% fixed APR with 10 years, 6 months remaining on the loan term. The other lender’s savings and APR (light green line) represent what would happen if those loans were refinanced at the other lender’s best fixed APRs. The Earnest savings and APR (white line) represent refinancing those loans at Earnest’s best fixed APRs.
Savings is computed as the difference between the future scheduled payments on the existing loans and payments on new Earnest and “other lender” loans. The calculation assumes on-time loan payments, no change in interest rates, and no prepayment of loans.
Individuals portrayed as Earnest clients on this site are actual clients and were compensated for their time to participate.