Alert Message

Earnest knows Key West's current housing market

Key West's real estate statistics shows that over the past years, property in the city has yielded a tremendous return. 2015 saw the home values in the city going up 7.6%. At present, $603,900 is the median home value in the city, $699,000 is the median price of homes listed currently (Zillow). The per-square-foot median list price in the city is $552 ($462 is the Key West Metro average). 58% of Key West's population are homeowners. 33.49% of apartments and homes in the city are unoccupied.
Palm tree reflection in a corporate building.

Key West is a very desirable place to live

The vibrant city that has many open-air bars and live entertainment

You can view Key West's sunsets, beaches and other local hot spots from anywhere in the world, live, as the city has webcams installed at these locations and they stream live. The bright turquoise waters of Key West are so famous that they draw people from all over the world. Key West has many restaurants that offer a variety of fresh seafood. If you are an avid fly fisherman, then Key West is the place to be. One of the popular ways of exploring the city is via rented bicycles. The air quality in Key West is very good, EPA ranked it 93 on a scale to 100. The economy of Key West is booming, there are many job opportunities in and around the city. The cost of living is very high compared to the US average, however, the city offers many amenities. Key West has many high-standard schools.
Palm tree reflection in a corporate building.
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

Getting/refinancing mortgage with Earnest is easy

Bad credit score? Earnest can look past it to get you a fair mortgage deal

There is no time like 'now' to invest in a home in Key West. A home in Key West is your ticket to a fun and healthy living, as well as a profitable return in the future. Earnest can help you find your ideal home in Key West. We can also get you a mortgage quickly so that you can buy that home 'now'. The whole home-buying process is simple with Earnest. Key West is a very desirable place to live, hence, waiting to buy a home in the city is not wise. One or two years down the line, you may not be able to find a home that suits your budget. Even if you credit score is bad, talk to us. We can look at your present financial situation and your future earning potential and get you a mortgage that suits you perfect. You can contact us to refinance your mortgage as well. We can get you a good rate.
This is a beautiful photo capturing the Downtown Orlando Skyline at sunset.

Common Questions About Key West 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

People around a computer

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.