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Helping you with house-hunting and financing

It is not just inexpensive housing that draws home buyers to Lake Worth; the multiculturalism, laid-back lifestyle, and the happy-go-lucky vibe of the city beckons people seeking an alternative to nearby Palm Beach County communities. The median price of homes in Lake Worth is $209,000. Median rent is lower than that commanded in the Miami-Fort Lauderdale Metro area. Many of the city's affordable houses are in the downtown. Explore your options with Earnest and find your dream home easily.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

A beach town with a difference

Lake Worth welcomes all kinds of folk!

A potpourri of culture is on display at Lake Worth, a sparsely populated city of less than 35,000 with its own oceanfront casino, fishing pier, golf course and an ample number of parks. If there's one thing that residents agree on, it is that Lake Worth is never boring. There is always something to participate in, and always someone you know whom you'll meet on the streets. The sense of community is alive and well in Lake Worth, which is home to people belonging to a wide spectrum of ethnicity and professions, from Haitians, hippies and accountants, to artists, white-collar folk and wealthy couples. Lake Worth also happens to be home to more than 1,000 historic cottages, the largest concentration of its kind in Florida. Each of its residential neighborhoods has its own distinct flavor; the city is served by 13 neighborhood associations.
Tampa, Florida, USA downtown skyline on the Hillsborough River.
Beautiful senior couple takes a romantic stroll on a tropical beach.

Are you ready to shop for a mortgage?

Find the perfect mortgage deal with Earnest

First-time home buyers The process of becoming a homeowner for the first time can be quite overwhelming. You need to have all the documents ready, calculate how much you can pay as downpayment, plan for taxes and insurance, and take care of several other details. With Earnest, you can conveniently apply for your mortgage online and get all the help you need from our client service team. Home refinancing Refinancing makes sense when rates have fallen by a full percentage point. It is also a good option to consider when you want to switch to a different type of mortgage, such as moving from a 25-year loan to a 15-year loan so you're out of debt faster. Earnest can help you with a refinancing plan when you want to convert some of your home equity into cash to pay for large expenses, such as surgery costs or college tuition.
Beautiful senior couple takes a romantic stroll on a tropical beach.

Common Questions About Lake Worth 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.