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Opa Locka mortgage rates suited for every buyer

Mortgage rates in Opa Locka are as low as 3.3% for a 30 year fixed mortgage. Buyers looking in the area can advantage of this and buy their dream home even quicker. The city has different kinds of homes on offer ranging from 1-2 bedroom houses to family homes. Luxurious homes in the area cost around $250,000. The cost of living in the city in the city is also lower than the state and national average. Earnest can help you figure out the best price range for your home.
Tallahassee, Florida, USA downtown skyline.

Why Opa Locka is right for everyone

Opa Locka has a lot to offer

Opa Locka is a small city but it has a long list of amenities. The city is ideal for families and senior citizens but it also contains a large population of young people. The median age for the city is just 30.8 years and consequently, the city feels like it's always on the move.Families have a lot of activities to indulge in with various parks around the city hosting programs throughout the year. The weather is perfect all year and Opa Locka's pollution is 86% lower than the national average. Senior citizens have a host of accommodations with the Freeman Collins Raymon Britton Senior Citizen Facility being the most common. The Seniors on The Move Program provides a space for senior citizens to express themselves, organize events and attend sponsored field trips.
Tallahassee, Florida, USA downtown skyline.

Opa Locka mortgages suited for specific buyers

Quick and easy access to mortgages

Regardless of where you decide to buy a house, it requires serious investment and financial planning. Buyers have to look at varying mortgage rates in different areas and check for discounts. Even after all the research, there's no guarantee that the mortgage will be approved. Mortgages also come in a variety of terms and picking among them can be difficult. Earnest can make the process easier by making the most out of all the information provided by you combined with our expertise. Since buyers post their applications and information online, our client service team can serve everyone better. We can find the best mortgage rates and help you get your finances in order, if re-financing is needed. Whether this is the first home you're buying or the third, we can work with you to make it a pleasant experience.

Common Questions About Opa Locka 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.