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Want to make Miami Beach your home? Talk to us!

Miami Beach is a laid-back and hip coastal city that never sleeps. Sharing the island with two other cities – Bal Harbour and Surfside – Miami Beach buzzes with activity and multiculturalism. Zillow pegs the median home value here at $405,200, with prices appreciating over the years. The median rent is also higher than that in the Miami-Fort Lauderdale Metro median. Earnest can help you in your search for the perfect home in the city at a price that fits your budget.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.

Miami Beach's quality of life is unbeatable

A beach resort with a happy vibe

Miami Beach is one of America's best-known beach resorts. Though the city is a popular tourist destination, it is also a desirable place to live, attracting people from all across the country as well as other countries. Florida has 0% state income tax and a strong entrepreneurial climate. Compared to other areas in Miami, the homes in Miami Beach offer the best value for money. For this reason, it attracts renters looking for a balance between a not-too-expensive monthly rent, great ocean or coastal views, and easy access to amenities. Divided into South Beach, North Beach and Mid Beach, the city is home to a number of beachfront properties – hotels, condos and vacation homes. Densely populated with a lively cultural scene, Miami Beach is highly walkable, though being expansive, it is best to own a car to explore the city.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.
Car is near the house drawn by hand on a sandy golden sea beach.

We make home ownership in Miami Beach easy for you

The best possible home buying experience

Buying a home is a major milestone that involves a lot of planning, budgeting and paperwork. One of the biggest decisions you'll need to make is finding the right residential neighborhood and a property that aligns well with your personal preferences and your individual/family needs. Earnest can help you find homes in the best neighborhoods of Miami Beach. Leverage our local expertise tomake informed choices, whether you plan to live in the city for a couple of years or put down roots here. We provide specialist property advice after understanding your needs thoroughly. Our professionals are courteous and accommodating, answering all your questions, and assisting you with strategies during the bidding process. You can count on us to walk you through the home acquisition process in a smooth, step-by-step manner.
Car is near the house drawn by hand on a sandy golden sea beach.

Common Questions About Buying a Home in Miami Beach

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.