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Fort Myers mortgage rates for every buyer

The population of Fort Myers has grown 15% in the last 15 years and that rise has led to major development. The city has various attractions and has an average commute time of 25 minutes. The low mortgage rates present home buyers with the perfect opportunity to purchase their dream homes. We offer effective metrics to help you achieve your ideal home rates.
View of Miami facing south from Collins and 63rd with South Beach on the left and the city on the right.

The City of Palms is a dream location

Fort Myers has something to offer for everyone

Although many view Fort Myers as a tourist location, it has a lot to offer for those living there permanently. A walk through downtown is the best way to understand the vibe of the city – small, relaxed and thriving.Located near the Gulf Coast, it's proximity to nearby islands like Sanibel and Captiva, make it alluring for everyone looking for a peaceful getaway, be it for a day or for the weekend. The city is a diverse one and not the typical beach town. It's home to multiple baseball camps and is famous for it's streets lined with palm trees. Job growth in the area is positive and future predictions indicate that they will stay that way. Those who love nature and prefer to be surrounded by greenery should consider buying homes in Fort Myers. The temperature remains favorable throughout the year.
View of Miami facing south from Collins and 63rd with South Beach on the left and the city on the right.
Couple laying on a beach. Blue sky in the background.

Get the best mortgages in Fort Myers

Easily apply for a mortgage with Earnest

Home buyer Getting a mortgage is viewed as a frustrating task by many. Regardless of whether this is their first home or their retiring home, mortgages can help acquire them. The median home cost in Fort Myers is $143,100. Also, mortgage rates have remained around the 3.20% rate for fixed 30 year mortgages. Since mortgage rates are dependent on a variety of factors, Earnest can make the process more efficient and get you the best possible rates. Refinancing a mortgage If you already have a mortgage and would like to re-finance it, Earnest can help out there as well.We have a quick, online application process combined with an excellent client services team to make sure your re-finance is done on time without too much fuss. We can also help with creating a re-financing plan that takes your financial needs and goals into consideration.
Couple laying on a beach. Blue sky in the background.

Common Questions About Fort Myers 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.