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Find your dream home in Fort Walton Beach

Fort Walton Beach has a lot of different homes on offer. From smaller condos near downtown to large waterfront mansions, buyers are spoiled for choice. Out of the 20,000 people that call the city home, over half of them are home owners. This is not a surprise as the median home price is a staggering 11% lower than the national average. Fort Walton has gorgeous homes with great amenities within reach for all residents. Buying a home in the area is a great investment.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.

A city that has it all

Fun and culture combine at Fort Walton Beach

Fort Walton Beach isn't your typical beach town. Apart from the pristine beaches and various top of the class golf courses, the city hosts a vast array of cultural sites. The Airforce Armament Museum offers a lot in terms of military history and even showcases a replica of the atom bomb that was dropped in Nagasaki in 1945. Nearby Okaloosa Island is a great getaway from the buzz of the city along with John C Beasley Park. There are numerous other parks spread through the city along with hiking trails. Museums, theaters, spas and entertainment centers are spread throughout the city. Garnier, Santa Rosa Blvd, and Ocean City are some of the most popular neighborhoods. Violent crime rates in the city are 16% lower than the national average and 32% lower than the state average. Overall, it is a safe city that is brimming with activity.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.
Underwater manatee swimming in Kings Bay, Crystal River, Florida

Find the right mortgage for you

Get the best mortgage rates in Fort Walton Beach

Home buyers are often intimidated by all the research that they have to conduct before buying a home. Not only do they have to find the best home but they also have to look at mortgage rates that are perfect for them. At Earnest, we aim to improve this experience for buyers as we take care of all the hard bits. We define your ideal price range, suggest neighborhoods and find the perfect home. Moreover, we provide the best mortgage rates and see if there are discounts applicable for home buyers. Our client service team is experienced and can make sure that every buyer is comfortable with every step of the process. Those looking to re-finance existing mortgages can also contact us as we can provide a detailed plan that includes all the different options and a plan for re-payment to stay on track.
Underwater manatee swimming in Kings Bay, Crystal River, Florida

Common Questions About Fort Walton 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.