33028, Pembroke Pines, FL

The 33028 zip code of Pembroke Pines, FL has a median home value of $248,000 and a median home equity value of $141,000. The 33028 zip code is one of the most expensive zip codes in Florida and has seen an increase in home values over the past few years. In addition, the average home size in the 33028 zip code is 2,700 square feet which is larger than the average home size in other Florida zip codes. This may be due to the high demand for homes in this area or because more expensive homes are available.

In terms of monthly mortgage payments, a 30-year fixed-rate mortgage would require a payment of $1,811 per month on a house worth $248,000. If you were to purchase a similar house for cash using a 10-year loan at 3 percent interest rates (assuming no origination fees), your monthly payment would be $1,527. Therefore, it would be cheaper to borrow money and purchase a house using traditional financing methods than it would be to use an adjustable-rate mortgage (ARM).

Despite these benefits though, there are some drawbacks to purchasing a house with traditional financing methods. First off, if interest rates rise above 3 percent or if you need to sell your house within five years of buying it (due to rising prices), you may have difficulty finding someone who will buy it from you at market value. Secondly, if you have poor credit or no credit history at all and want to borrow money against your home equity for personal reasons (such as paying off student loans), lenders may not approve your application unless you can provide additional documentation such as income tax returns or pay stubs. Finally, when refinancing your mortgage later on (to take advantage of lower interest rates), it can be more difficult than simply getting another adjustable-rate mortgage because lenders will typically require that you pay down some amount of your original loan balance before they will approve refinancing.