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Considering buying a home in Hallandale?

Located just 13 miles south of Fort Lauderdale and 20 miles north of Miami, Hallandale is where you should settle down if you like action all throughout the year. It has received an A+ ranking for amenities. According to listings on Trulia, a two-bedroom 1,300-1,400 square-foot home in the city can be yours for around $235,000-$265,000; while an ocean-facing condo would cost you roughly the same amount, but with lesser floor area (800-1,000 square feet).
Daytona Beach, Florida, USA beachfront resort skyline.

Life in Hallandale

Excitement guaranteed!

The Gulfstream Park is a horse racing track that hosts many races, including the Florida Derby and the Pegasus World Cup, the richest horse race in the world. If you like betting, there is also a casino present at the venue. The Mardi Gras Casino is another casino where you can bet on greyhound racing; and there is also a greyhound racing track here that hosts the World Classic. There is also the Hallandale Beach, which is well-maintained, clean and peaceful. The Village is a shopping/entertainment destination that is located adjacent to the Gulfstream Park and you can also take an airboat tour of the Everglades to view alligators in their natural habitat. The Diplomat Golf & Tennis Club has an 18-hole golf course and clay tennis courts; while at the Aqua Golf Driving Range, you can hit balls into the ocean!
Daytona Beach, Florida, USA beachfront resort skyline.

Enjoy owning a home in Hallandale

Get Earnest in your corner

When you are a first-time home buyer, every penny counts. At Earnest, we understand this, and that is why we offer low rates of interest so that making your monthly mortgage payment will never be a drain on your pocket. Furthermore, Earnest pre-approves your mortgage so that you can look at the right homes in Hallandale, specifically the ones you qualify for. If you are a veteran, you are eligible for special rates from Earnest. Three public schools, the Hallandale Elementary School (PreK-5), the Gulfstream Middle School (Grades 6-8) and Hallandale High School (Grades 9-12) serve schooling requirements of the city’s 37,113 residents. Seven parks make living here a pleasant experience. There is also an Amtrak station three miles away. With all these amenities, Hallandale is a place you can settle down. Earnest makes it easy.

Common Questions About Buying a Home in Hallandale

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

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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.