Alert Message

A North Fort Myers home is a good investment

According to City Data, the median price of a home in North Fort Myers was $55,800 at the beginning of the century. This appreciated to $72,841 in 2013, an increase of 30%. Homes in North Fort Myers are highly affordable, with a four-bedroom 2,032 square-foot home in a gated community and having access to all amenities, including an Olympic-sized swimming pool, tennis courts, gym, snooker/pool table, children’s playground et al costing $260,000. It also offers a scenic view of the water.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

Life in North Fort Myers

There is enough of both peace and excitement for you to pick from

Its proximity to Fort Myers is its biggest advantage. The bigger city lies three miles across the Caloosahatchee River. Living in North Fort Myers is guaranteed to be pleasant, with mean temperatures ranging between 64 °F and 82 °F. There are a number of public and private schools for PreK-12 education needs and institutions of higher learning include the Edison State College, located 11 miles away from North Fort Myers and the Florida Gulf Coast University, 18 miles south. One could visit the Walker Honey Farm to understand how honey is harvested from bees or Rosy Tomorrow’s Heritage Farm for a farm-to-table food experience. Three golf courses in North Fort Myers make it a much sought-after city for golf aficionados, while two preserves (the Prairie Pines Preserve and the Caloosahatchee Creeks Preserve) appeal to nature lovers.
Tampa, Florida, USA downtown skyline on the Hillsborough River.
hands up to the sky with cocktails. people at music festival making party

Get your own home in North Fort Myers

Earnest offers low rates and simplified paperwork

When you choose North Fort Myers to settle down, you make a good decision. Home prices in North Fort Myers are already 57% lower than the state average for Florida. If you opt for Earnest, you make another excellent choice. Earnest pre-approves your mortgage, and this is done online, so you needn’t fill out or scan/fax/email/send any forms to us. When you know the amount you qualify for, you can start looking at homes in North Fort Myers that are priced within this limit. You could enlist the professional services of a realtor, or do this yourself. When you drive around North Fort Myers, you understand better why this is a place you can call home. If you already own a home in North Fort Myers, consider refinancing it with Earnest to save thousands of dollars.
hands up to the sky with cocktails. people at music festival making party

Common Questions About North 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

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.