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Thinking of a home in North Miami Beach, Florida?

North Miami Beach is located 17 miles north of Miami and 17 miles south of Fort Lauderdale. Home to 43,664 residents (accurate as of 2014), the city is spread over 5.3 square miles. A three-bedroom 1,428-square-foot home in North Miami Beach can be yours for $298,000; according to listings on Zillow. Smaller two-bedroom ocean-facing condos, about 1,085 square feet in size, are priced at $265,000. With mean temperatures hovering between 68 °F and 84 °F, living here will be a pleasant experience.
Jacksonville, Florida, USA downtown city skyline.

Life in North Miami Beach

Soak up the sun and everything else that the city has to offer

With North Miami Beach being located close to the water, there is no shortage of activities. You could take your pick from swimming, scuba diving, snorkeling, fishing, and kayaking. If you like getting close to nature, there is the Oleta River State Park where you can see dolphins, manatees and birds in their natural habitat. The Ancient Spanish Monastery, along with the St. Bernard de Clairvaux Church nearby, takes you back in time to the Medieval Ages. It was originally built during the 12th century in Spain, but dismantled and re-assembled brick-by-brick here in the 1960s. Greynolds Park is where North Miami Beach residents come to relax. Spread over 265 acres, it features walking trails, a golf course and a boatshed. There are also plenty of avenues for shopping, entertainment and nightlife.
Jacksonville, Florida, USA downtown city skyline.
Art deco district of South Beach in Florida USA

Own a home in North Miami Beach

Earnest makes it easy

Earnest pre-approves your mortgage so that you can look specifically at homes that you qualify for. You could enlist the services of a realtor, or drive around town, seeing for yourself how and why it is such a nice place to live. The city is served by the Miami International Airport, roughly 18 miles away. Several public schools cater to PreK-12 education needs, and higher learning requirements are met by the Nova Southeastern University and Union Institute & University, both of which have campuses here. There is also the North Miami Beach Public Library, spread over 23,000 square feet and having a collection of 60,000 items that you can borrow, along with free-to-use public computers that are connected to the Internet. With Earnest’s low interest rates, the mortgage will never be a drain on your pocket.
Art deco district of South Beach in Florida USA

Common Questions About Buying a Home in North 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.