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Fort Lauderdale mortgage rates make buying easy

With mortgage rates in Fort Lauderdale so low, now is a great time to shop for a new house in a thriving city with plenty of restaurants, attractions, and places to work. Fort Lauderdale has a variety of neighborhoods to choose from, and with a large inventory of surprisingly affordable condos and single-family homes, everyone from families and singles, to retirees and investors can find the perfect place. Below is an easy-to-use calculator that will help you figure out your target home price.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background

Find budget-friendly properties in Fort Lauderdale

Beachfront condo or inland house, Fort Lauderdale has it all

Fort Lauderdale boasts a large inventory of single-family houses of all sizes. Some of these are located right on A1A, across the street from Fort Lauderdale Beach, while others are found along the Intracoastal Waterway or farther inland, next to golf courses and lush green spaces. With median home prices around $278,500 as of summer 2016, you can choose from beautiful properties in the city’s best neighborhoods, including Victoria Park, Colee Hammock, Sailboat Bend, Rio Vista, and The Isles. Crime rates in Fort Lauderdale are higher than the national average, so pay attention to the safety stats of your target neighborhood.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background
Pair of Macaw Parrots cuddling on a tree branch in a tropical setting featuring vivid gold, blue, red and green feathers and white faces.

Fort Lauderdale home loans for all buyers

An easy application and low mortgage rates

Whether you're buying your first home, a retirement home, or an investment property, be sure to secure a loan you can afford. Mortgage rates vary depending on several factors, such as the purchase price, your credit score, down payment, and location. Earnest can help you get preapproved and access discounts so you can afford your dream home. If you’re hoping to refinance your existing mortgage, you will follow the same process as the one for purchasing a home. The right mortgage refinance can save you money or help you free up cash that you can use for other expenses, such as renovations or education. Earnest can help you, whether you’re hoping to change your mortgage term or switch from a fixed rate to ARM. You’ll be able to find the right option based upon your needs, and Earnest will show you how much you can really save.
Pair of Macaw Parrots cuddling on a tree branch in a tropical setting featuring vivid gold, blue, red and green feathers and white faces.

Common Questions About Fort Lauderdale 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.