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Hialeah mortgage rates make homeownership happen

Hialeah housing prices might be growing fast, but that doesn’t mean that mortgage rates are growing, too. In fact. Mortgage rates in Hialeah are at historic lows, meaning that if you’re ready to buy a home in the city, the time is now. With year-round activities, a high standard of living, and plenty of opportunities for taking advantage of Florida's natural beauty, Hialeah is the perfect place to buy your new home or condo. Our calculator helps you figure out the price of a home you can afford.
Tampa, Florida, USA downtown skyline on the Hillsborough River.

The kind of home you can afford in Hialeah

Make living in Hialeah a reality

This family-oriented city is full of Spanish-inspired mansions or smaller, no-fuss condos with easy beach access. Whether you want to live near one of the city’s forests or lakes or near Hialeah’s trendy 49th Street retail corridor, a variety of homes may fit your bill. Hialeah’s median home price is still much more affordable than nearby Miami Beach, where local neighborhoods have median home prices that exceed $400,000. The so-called “City of Progress” is a place where many people build their lifelong homes. Since more than 60 percent of residents in Hialeah are homeowners, they won't be leaving the city any time soon. If you want to find a place that builds and appreciates community, you need to look no further than Hialeah.
Tampa, Florida, USA downtown skyline on the Hillsborough River.
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Hialeah home loans for your lifestyle

A home loan that fits your needs and a simple application

Hialeah is attractive to seasoned real estate buyers as well as to first-time homeowners. No matter your experience, your first step is securing a home loan. Your real estate agent can help you determine pricing based on your credit score, down payment, ZIP code, and purchasing price. In considering Hialeah mortgages, make sure that you’re doing your research, so that when you receive your loan you will be investing it in your perfect home. If you already have a loan, refinancing your mortgage will seem familiar. Whether you’re looking to lower your interest rate or send your child off to college, consider refinancing your loan. Earnest can help you find the right loan option based on your needs, from changing the term of your mortgage to switching to an ARM. Talk to Earnest to find out how much you can save.
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Common Questions About Hialeah 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.