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Make a good investment with a Hallandale home

According to City Data, the median price of a home in Hallandale was $75,100 in 2000. By 2014, it had jumped to $132,229, an increase of 76%. This corresponds to an annual increase of 12.5% in home property prices, and the reasons are not too hard to find. With all that the city offers, the population has been steadily increasing as more and more people move into the area. A Hallandale home is a good investment – the median price is lesser than the corresponding figure of $153,300 for Florida.
Hotels and residential buildings on the beach in Miami Florida

Living in Hallandale

Hallandale promises plenty of excitement all throughout the year

The Gulfstream Park is a casino that also has a racetrack attached to it. Apart from offering plenty of horse racing action and betting, The Village at this location is an entertainment/shopping destination. If you like greyhound racing, there couldn’t be a better place to settle down than Hallandale – the Mardi Gras Casino has a greyhound racing track that is home to the World Classic. For golf aficionados, there is the Diplomat Golf & Tennis Club, which also has clay tennis courts, apart from a championship 18-hole course. A visit to Hallandale Beach can be a calming experience, with it being well-maintained, clean and peaceful. An Amtrak station is located three miles from Hallandale and three public schools cater to PreK-12 education requirements. For higher education, there are five colleges in a nine-mile radius of Hallandale.
Hotels and residential buildings on the beach in Miami Florida
Cocktails on the bar counter in night club.

Settle down in Hallandale

With Earnest by your side, it will be easy

If you are a first-time home buyer, there is the Florida First Time Home Buyers Grant Program under which you could receive up to $15,000. Earnest’s low rates make the deal more attractive and Earnest also pre-approves your mortgage, so that you will know exactly which homes to look at in the area. When you drive around Hallandale, you can see for yourself why this is a place you could call home. There is always something to do in Hallandale; otherwise you could just relax in one of its seven parks. If you have a home in Hallandale, consider refinancing it with Earnest. A fixed-rate mortgage could save you thousands of dollars over an Adjustable Rate Mortgage, which might be one you are on at present. Even if you are on a fixed-rate plan already, Earnest’s low rates could still save you money.
Cocktails on the bar counter in night club.

Common Questions About Hallandale Mortgage Rates

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.