Alert Message

Get your Miami Gardens dream home now

With a ranking of 863 when it comes to liveability in Florida, residents of Miami Gardens enjoy lower living costs and adequate amenities. According to Zillow, values of homes in the city went up 15 percent in 2015. It is estimated that there will be an average increase of 3.1 percent when it comes to home prices. The average list price for every square foot in Miami Gardens city is calculated to be $132. The average price of currently listed properties comes to $180,000.
Tallahassee, Florida, USA downtown skyline.

A prosperous city in demand from professionals

Miami Gardens has better medical facilities compared to its neighbors

Miami Gardens came into existence due to the migration of richer West Indian American and African American into the area. It was incorporated in May, 2003. The neighborhoods of Andover, Lake Lucerne, Scott Lake, Carol City, Opa-locka North, Bunche Park and Carol were earlier unincorporated areas located within Miami-Dade County. Miami Gardens city has a number of facilities and clinics which provide good quality medical support and care to their patients. Jackson North Medical Center, Chen Medical Center and Concentra Urgent Care provide hospital services to city residents. A number of healthcare clinics act as supplementary facilities. The list of medical services include general medicine, dental services, physical therapy, X-rays, osteoporosis screening and gynecology services among others.
Tallahassee, Florida, USA downtown skyline.
Opening wine bottle with a corkscrew

A mortgage to fulfill all your funding needs

Get the best home mortgages in Miami Gardens with Earnest

The experience of buying a home for the first time could be an intimidating one. All those reams of paperwork can make even a tough person sweat. Earnest can make the home buying process simpler and faster. It will also be much less intimidating. This is achieved by our online exclusive application process. If you harbor any doubts, the client service team is only a call away. They are a breeze to talk to. Needless to say, the funding will be provided at a rate which will make you smile. At Earnest, we understand that home mortgage cannot be paid off swiftly. It can take a lot of time-in years- to repay the mortgage. A lot of things may change, including your financial position, within the time period. We can help you to get a better refinancing plan. Our schemes can also unlock the home's innate equity so that you have emergency funds.
Opening wine bottle with a corkscrew

Common Questions About Miami Gardens 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

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.