Alert Message

Get yourself a home in Miami Gardens

Miami Gardens came into existence when upper income and middle class West Indian and African American families settled in the place from a number of Miami neighborhoods. According to Zillow, the average home value in the area comes to $186,600. Properties are in high demand, with the most expensive ones being the triplexes and five bedrooms or more apartments. Single family homes and studio flats are the economical ones. Due to high demand, prices go up every week.
Miami Florida skyline of downtown colorful skyscraper buildings

Miami Gardens offers a better quality of life

It is a prosperous community attracting people from other parts of Florida

The boundaries of Miami Gardens are the NE 2nd Avenue and I-95 on east to NW57th and NW47th Avenues on the west. The south and northern borders are 151st and Broward County respectively. The name of the city is derived from Miami Gardens Drive, one of the important roadways passing through the area. African-Americans constitute a majority of the city population. The Miami Gardens city hosts the Miami Dolphins. The team plays in the Sun Life Stadium and was part of Lake Lucerne CDP. The stadium also plays host to the yearly Orange Bowl game of college football. The Hurricanes football team of University of Miami regards this venue as their home ground. The religious will find solace in Antioch Mission Baptist Church of Miami Gardens. It is a megachurchwith membership count exceeding 7,500 members.
Miami Florida skyline of downtown colorful skyscraper buildings
Cocktails on the bar counter in night club.

Buying a Miami Garden home doesn't get much easier

We will help to finance your home and find it so that you don't have to

Buying a property is an important investment. It requires careful consideration. A number of factors must be kept in mind before you make a shortlist of properties and finally select one. You should take into account not only the condition of the property but also its location. Earnest can help a lot in this regard. It will assist you to make the correct decision by analyzing both personal priorities and also the financial condition. The list of personal priorities mean the distance from the home to the workplace and healthcare facilities. It would also take into account the convenience of public transport and shopping areas. Nightlife will be factored in as well. We will provide you a shortlist of potential neighborhoods and a comfortable price range. You can considerably narrow down the search and choose your dream home much faster.
Cocktails on the bar counter in night club.

Common Questions About Buying a Home in Miami Gardens

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.