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Opa Locka offers great experiences

Opa Locka is a historic city that was designed in the 1920s. It has the largest collection of Moorish architecture in the western hemisphere. The city is small but has all the amenities that one would need. Opa Locka is part of Miami Dade County and is a short drive away from Miami Beach.Fun in the sun is facilitated by 3 parks, 2 lakes and various other programs hosted by the city. Opa Locka is also serviced by it's own airport – The Miami Opa Locka Executive Airport.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background

Opa Locka is a great place to live

Everything you need in one small city

Aviation pioneer, Glenn Curtiss, founded Opa Locka in 1926. Curtiss had a fascination with Moorish architecture and designed the city accordingly. So if you're driving around and come across some unique buildings, you know who to thank. It also has a history for quirky activities. For example, the city's streets have been named with characters from the collection of fables, One Thousand and One Nights, Street names include Ali Baba Avenue, Sesame Street and more. Opa Locka was also the first city to commemorate President Obama by naming a street after him. For a city that covers only 4 square miles, Opa Locka has a ton of amenities. Residents have access to the airport, shops, restaurants, good public transport, libraries and schools. Residents can also travel to Miami Beach with ease.
The old Florida State Capitol building as seen from Monroe St and Apalachee Parkway with the New Capitol in the background
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Opa Locka home buying made simple

We have all the right tools to find the perfect home for you

The median price of a home in Opa Locka is $100,880 which is significantly lower than the state average of $156,200 and the national average of $175,700. Smaller homes could be available for less than the median price. Over 35% of residents in the area are home owners and buyers have the opportunity to buy convenient, unique houses for low prices. The key to finding the right home lies in doing a lot of research. Since many buyers do not have the time nor knowledge to adequately research different aspects of every property, realtors and Earnest can help. Earnest must be the first choice as we provide unbiased recommendations for homes and neighborhoods throughout the city. Our recommendations originate from a powerful system of metrics that is most beneficial to the buyer.Home buying is made easy through our simple application process.
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Common Questions About Buying a Home in Opa Locka

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.