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Buying a house in Hialeah is possible

With a vibrant Spanish-speaking and Cuban-American community, Hialeah is the cultural and near-coastal community you’ve always dreamed about. Close to the international travel center of Miami, Hialeah homes, with their stucco exteriors and sunny wrought iron terraces, reflect the neighborhood's rich Hispanic culture. With a meteoric rise in home prices—median prices in Hialeah were $180,000 in October 2015 and $235,000 in September 2016—there’s no time to waste in buying a Hialeah home.
Jacksonville, Florida, USA downtown city skyline.

Diverse culture and opportunities

Big city amenities with a high level of livability

One of the closest cities to Miami, Hialeah boasts more than 200,000 residents and a bustling culture of its own. The city contains the highest number of Cuban-American residents in any U.S. city. As a result, you can completely immerse yourself in Spanish-speaking culture in many Hialeah neighborhoods. The city’s best neighborhood attributes are its quaint mom-and-pop shops and restaurants. Another perk is Hialeah’s Park Race Track, which is a great place to take in a race. Though Hialeah’s residential areas are naturally lush, the city's proximity to beaches and other coastal attractions is also a big draw. The Miami metro public transit can take you wherever you want to go. Hialeah also provides all levels of schooling, from primary education all the way to the city’s two private colleges and universities for higher learning.
Jacksonville, Florida, USA downtown city skyline.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Hialeah homes offer something for everyone

Receive an affordable mortgage rate after a no-hassle application

From the Country Club neighborhood to the exclusive Hialeah Estates, Hialeah abounds with Florida greenery. It also provides excellent public services, including after-school programs and centers for retirees. But with so many great neighborhoods, finding the one that has the amenities you desire can be difficult. One of Hialeah’s early slogans stated, “All Ways Lead to Hialeah.” Now that your aspirations have led you here, Earnest can help you find the kind of home you’ve always wanted. Earnest takes into consideration your priorities—including walkability, commute time, and beach proximity—and analyzes your financial situation to find home pricing that fits your needs. Prices are on the rise, so you'll want act fast. Hialeah homes average $159 per square foot, so Earnest can help you find a home that fits your budget and your needs.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Common Questions About Buying a Home in Hialeah

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.