Miami jumbo mortgage loan

Miami jumbo mortgage loan

Miami Jumbo Mortgage Loan

The Miami jumbo mortgage loan is financial instrument widely used throughout South Florida real estate.  According to Bankrate.com, “a jumbo mortgage is a home loan for an amount that exceeds conforming loan limits established by regulation. The jumbo loan limit is $417,000 in most of the United States. The limit on jumbo loans is $625,500 in the highest-cost areas.”  Any mortgage higher than $417,000 is a jumbo mortgage loan.

The Miami real estate market has many homes which would qualify for the jumbo loan rate.  In fact, most of South Florida, from Palm Beach to the Keys would have many homes qualifying for such rates.   Because of this, there may blenders willing to offer Miami jumbo mortgages.  However, you will find the qualification requirements for such loans continue to remain quite strong,  following the 2008 financial crisis.

 

Qualification rules

Prevailing interest rates have decreased dramatically since the 2008 financial crisis.  Although it may be less expensive for you to get a jumbo loan today, the requirements remain strict.  Jumbo mortgage borrowers aren’t necessarily wealthy individuals.  Borrowers are actually from middle, dual-income homes. Some buyers are even first-time borrowers.   As a good quality Miami jumbo mortgage borrower, you will not only have very good credit, but sufficient income, assets and not too much debt.

Most lenders require you to have good credit along with the other attributes mentioned above.  Additionally, lenders require a minimum 20% down payment.  The debt-to-earnings ratio plays an important role in the loan qualification process.  Your debt-to-income ratio compares your monthly debt obligations to your pretax income.

 

Why Work with Mario Quintero

Buying a home isn’t just a matter of finding the right house, negotiating on it and reaching a workable price level. You must secure mortgage financing to purchase your dream home.  Because of this, as a trusted Miami realtor and efficient Miami mortgage broker, Mario will help your dream home become a reality.

Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me be both your trusted Miami realtor and Miami mortgage broker. Don’t attempt to negotiate on the purchase of your home on your own. Mario helps you reach the best price through his extensive negotiating skills.

Get in Touch with Mario

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

Call me today at 305-598-1600 or contact me here.

 

 

Miami Realtor

Miami Realtor

 

 

88-turbulences-flyer

Your Miami Realtor

While buying your home can be one of the most exciting and fulfilling moments of your life, things can, and often do go wrong.  When buying the home of your dreams in Miami, you need a trusted Miami realtor who will help you navigate the process.

 

88 Turbulences Which Can Go Wrong During Your Real Estate Transaction

There are 88 turbulences which can take place when buying your home. We’ve included the PDF for this document here, so that you may become familiar with all that could possibly go wrong.

Aside from having a trusted Miami realtor at your side, a reputable and efficient Miami mortgage broker is also essential. Buying a home isn’t just a matter of finding the right house, negotiating on it and reaching a price level which will work for you and the seller. You also need to be able to secure mortgage financing.

Mario Quintero, principal of Strock and Tanner Mortgage, will get your deal done.  Let Mario be both your trusted Miami realtor and Miami mortgage broker.  Don’t attempt to negotiate on the purchase of your home on your own. Mario will help you reach the best price through his extensive negotiating skills.

Though interest rates are low, securing financing in today’s post-2008 financial crisis is very challenging. Don’t allow the “88 Things That Might Go Wrong During Your Transaction” happen to you. Allow Mario’s knowledge, experience and negotiating skills to work on your behalf.

 

Get in Touch with Me

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

Call me today at 305-598-1600 or contact me here.

 

HELOC Loans

HELOC Loans

 

 

Reprinted from Reverse Mortgage Daily written by Jason Oliva

HELOC Loans

Do you have a HELOC loan on your property?  A large number of U.S. homeowners will be affected by a Home Equity Line of Credit (HELOC) reset over the next few years. Additionally,  many borrowers are either unprepared or unaware of the financial repercussions awaiting them, a recent study indicates.

Of more than 800 polled homeowners holding HELOCs, 43% will be affected by a reset in the coming years.  This information stems from the TD Bank HELOC Reset Measure released this week. And as HELOC borrowers reach their end of draw periods, 23% of survey respondents said they do not have financial plans in place to handle a reset.

 

DANGERS

Feeding into this unpreparedness were misconceptions borrowers hold regarding HELOC repayment. Only 19% of respondents to the TD Bank survey understand that a HELOC reset will increase their monthly payments.  Meanwhile, 34% said they believe their monthly payment will be reduced when their HELOC resets.

Additionally, TD Bank found that one third of borrowers who opened HELOCs prior to 2011 are unaware of their draw period expiration date described in the HELOC contract.  This number rises among Baby Boomers to 42%.

Meanwhile, 53% of respondents who opened HELOCs between 2005 and 2008 don’t know the impact the reset will have on their monthly payments.

HOW A HELOC WORKS

Many HELOC loans allow borrowers to draw for 10 years and make interest-only payments, said Mike Kinane, senior vice president in TD Bank’s Home Equity division.

“When this draw period ends, you are required to pay principal and interest.  This may possibly increase your monthly payments,” Kinane said. “It’s important you plan ahead and review your contract to determine the best course of action based on your current and future financial situations.”

However, the vast majority of respondents (60%) who do not have a plan for their HELOC resets indicated they will not seek guidance from their lenders.

WHAT TO DO

“If you do not have a financial plan for the end of your draw period you should contact your lender as early as possible,” Kinane said. “A responsive lender will offer multiple ways for you to pay down your line of credit.”

But for borrowers who are prepared to face HELOC resets, more than one-quarter of respondents said they plan to refinance their HELOC into another loan.  And almost 70% of those borrowers plan to approach their current lenders.

For those borrowers considering a refi, using a HELOC for emergency funds was most important to them (35%).  Home renovation followed (27%) and travel (26%).

With home values soaring during the housing boom, homeowners sought HELOCs as a means for tapping into their home equity.  Moreover, HELOC loan funds are typically  used to finance a variety of expenses.  Home renovations, medical bills, even help with debt consolidation are among the top uses.

In the TD Bank survey, the top three reasons homeowners opened a HELOC were to renovate a home (38%), consolidate debt (24%) and purchase a new vehicle (20%).

“HELOCs can be a smart and flexible way for you to tap money when needed.  Most uses are for home renovations, debt considation, education, or deal with unexpected expenses,” Kinane said. “It’s a wise idea to consult with your banker, and take advantage of the benefits that HELOCs can offer.”

If you are 62 and over, you may be able to remedy this situation with a reverse mortgage on your home.  Once you have this, the reverse mortgage will pay off your HELOC.

Get in Touch with Me

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

Call me today at 305-598-1600 or contact me here.

A Reverse Mortgage Home Purchase

A Reverse Mortgage Home Purchase

 

What is a Reverse Mortgage Home Purchase

Many older homeowner’s have taken advantage of reverse mortgages as it has allowed them to refinance their existing mortgage or increase their cash flow and remain in their home, mortgage free.  Many retirees don’t realize, however,  they also have the opportunity to purchase a new home with the HECM reverse mortgage purchase program.  Often, people use this tool to buy a home they couldn’t otherwise afford while still eliminating mortgage payments. Utilizing this tool, you can realize the benefits of a reverse mortgage with no monthly mortgage payments.   And, you can move to a new home all in a single transaction.

Requirements

To qualify for a reverse mortgage home purchase, you must be at least 62 years old.  If you have a younger spouse, you can take advantage of the new non-borrowing spouse rules for the FHA Insured HECM Reverse Mortgage. The down payment is higher than traditional mortgages because you don’t have to make mortgage payments.  Because of this, the equity in your home is used to pay the loan back after you leave the home permanently.

Since you make no payments while you live in your home, you must have equity from the onset. The younger you are, the more money you need to contribute because of your longer life expectancy. The income qualification is lower than traditional mortgages because there are no mortgage payments added to your debt ratio. With new guidelines in place, you must show a good payment history for past housing and debt expenses.

Eligible Properties

Eligible properties are single family residences, new construction where certificate of occupancy has been issued, HUD approved condos and townhouses. Down payment sources include cash from savings and investments, gifts from family members or proceeds from the sale of an existing home or asset. Funds that are borrowed such as seller financing or credit cards are not allowed as a funding source, nor would a subordinate lien be allowed. Closing costs must be paid by the buyer.  Seller concessions are not allowed. Once appraised and inspected, if repairs are necessary,  the seller must complete these prior to closing.

Most people want to live in nicer homes, at any time of their lives.   Why not do so through this instrument allowing you that ability?

Get in Touch with Me

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

Call me today at 305-598-1600 or contact me here.

 

Hurricane Preparedness Tips

Hurricane Preparedness Tips

Hurricane Preparedness Tips

 

Preparing in advance is ideal.  However, what better time to reinforce and share hurricane preparedness tips than right as one is about to strike?  If there can be a positive about an imminent hurricane strike, having plenty of time to prepare for one is a hurricane’s benefit as opposed to other natural disasters.

Another positive about a hurricane is that Floridians have much experience with these.  Floridians have been hit by hurricanes regularly throughout the years. Hurricane season extends between June 1st and November 1st.  As we speak, Florida is about to be impacted by the first major hurricane in over a decade.  Traveling as a Category 4, Hurricane Matthew bears great strength, also extending over 500 miles wide.

Moreover, the following two websites provide the latest details on final check list preparations. Both NOAA (National Oceanic and Atmospheric Administration) and the National Hurricane Center offer useful tips to guide you with hurricane preparations.   You may access this website here.

The U.S. government also provides excellent resources on how you may prepare your home in the event of a hurricane. You may access this website on hurricane readiness and preparedness here.  

While much of the information on these two sites are the same,  have a look at the most important factors to keep handy below:

Tips:

Get in Touch with Me

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

Call me today at 305-598-1600 or contact me here.