Alert Message

Let up help you buy a House in Pembroke Pines!

The 2014 U.S. Census Bureau reported that the population of the Pembroke Pines city in Florida was 154, 626. This makes it the second most populated city within the Broward County and the 11th most populated city in Florida. The average household income is recorded at $62,116. Also, it has more than 61,000 homes and the average selling price of each home is approximately $207,500. The total area covered by Pembroke Pines is 34.4 square miles (between US 27 and the Florida Turnpike).
Tampa, Florida, USA downtown city skyline over the Hillsborough River.

Things to do in Pembroke Pines

Pembroke Pines is a great city for outdoor lovers

Life in Pembroke Pines is nothing short of exciting. There are plenty of activities to choose from, right from ice skating to playing mini-golf! The city hosts a range of different festivals, theater shows, concerts and other entertainment throughout the year. If you love outdoor activities, then you must do a camping trip at C.B. Smith Park. This nearly 300 acre site is extremely popular among the locals in the city. The residents of Pembroke Pines often end up at C.B. Smith Park in the RVs and camp overnight with friends and family. C.B. Smith Park also houses a water park which has a tube ride and multiple other slides. You can also take advantage of an excellent tennis facility as well as a golfing center along with various other exciting recreational activities.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.
Opening wine bottle with a corkscrew

Pembroke Pines great amenities & beautiful homes

High-ranking public and private schools for your children

Buying a house is a huge investment, one of the biggest that you would make in your life. There are multiple factors to consider when buying a home in a particular city. At Earnest, we can help you take this decision by assessing your personal priorities as well as financial position. For instance, if you’re planning to shift to Pembroke Pines with your family and children, you might like to know that this city is home to 149 elementary schools (public), 188 middle schools and 49 high schools (all within the Broward district). The public schools in the city have over 35, 930 students enrolled in them. Besides this, Pembroke Pines also has private schools for providing education to residents. Cypress Bay High School is the biggest public high school in Pembroke Pines.
Opening wine bottle with a corkscrew

Common Questions About Buying a Home in Pembroke Pines

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.