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Make your Deerfield dream a reality with Earnest

With a #333 ranking in Florida, Deerfield Beach has been in much demand from would be house-owners. According to Areavibes, the city residents enjoy low living costs and adequate amenities. The sunny weather is another boon. Home values in Deerfield have risen 8.9 percent in 2015 and they are further predicted to rise by 1.8 percent in 2017. The average price for every square foot is $140. Average home prices of currently listed homes comes to $155,000.
Fort Lauderdale Beach as seen from a Cruise ship leaving port on a sunny day with Clouds and lots of buildings on the Beach

A city of pristine beaches and healthy recreation

It has won awards for beach conservation and heaven for outdoor activities

Deerfield Beach get its name from the many deers which once populated the area. The origin of the city dates back to 1890 when a settlement came into existence along the shore of the Hillsboro River. The town was eventually named Deerfield in 1898. Deerfield has a number of attractions, chief among them is the Deerfield Beach Arboretum, Deerfield Island Park, Deerfield Beach Island, Deerfield Beach Pier and Quiet Waters Park. The Arboretum covers nine acres. It has about 200 different kinds of palms and trees from all around the world. A large number of flowering tree species are also present. The Quiet Waters Park has gained fame for its Ski Rixen skiing system. It is counted as one of the 79 cable ski in water attractions in the world. It is also the sole water ski and wakeboard resort located in South Florida.
Fort Lauderdale Beach as seen from a Cruise ship leaving port on a sunny day with Clouds and lots of buildings on the Beach
Brother sister and dog playing on sandy Florida beach in the summer sun

A mortgage tailormade to fit your requirements

Enjoy the smartest home mortgages in Deerfield Beach with Earnest

With Earnest, buying a home for the first time becomes extremely simple and fast. It also becomes much less intimidating. This is made possible by the online exclusive application process. If you face any doubts, then it can be solved by a simple call to our client service team. You will find them easy to talk to and adept at clearing any doubts you might have. Needless to say, you will get the needed funding you have always wanted.With us, you get to own your new home much faster. At Earnest we understand that mortgage of any home cannot be paid off quickly. It takes years to demortgage the property. Many things can change within the ensuing years, most notably your finances. If you are searching for lower payments on mortgage or trying to close earlier than scheduled, we can help.
Brother sister and dog playing on sandy Florida beach in the summer sun

Common Questions About Deerfield 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.