Home Bidding Wars

Home Bidding Wars

 

courtesy of CNBC – Diana Olick

Homebuyers are stretching their budgets and mortgage limits to win bidding wars

  • More buyers are stretching their budgets, putting less money down or using adjustable rate loans that offer lower rates.
  • Buyers today need to be not just pre-approved for a mortgage but have a mortgage commitment.
  • Borrowers have more options for low-downpayment loans, options that were not available as recently as just a few years ago.

Buyers today not only need to be preapproved for a mortgage, but they must also have a mortgage commitment. Home prices are hitting new highs and the gains are growing, just as mortgage interest rates are turning higher again. All of that has more buyers stretching their budgets, putting less down or using adjustable rate loans, or ARMs, that offer lower rates.

They are actually feeling emboldened to do so, thanks to the rise in the stock market and the improving economy.

Borrowers also have more options for low down payment loans, options that were not available as recently as just a few years ago. Fannie Mae reintroduced a 3 percent down payment loan that it had discontinued during the recession, and some private lenders are venturing back into subprime, although they’re calling them “nonprime” loans. These are mortgages to borrowers with lower credit scores.

Higher debt-to-income ratios

After holding steady for two years, the share of conventional loans backed by Fannie Mae with down payments of less than 10 percent rose from 12 percent to 14 percent in 2017. The expectation is that it will be even higher this year.

Banks are also willing to take on more risk in the jumbo loan space. They hold these loans on their balance sheets.

Why Work with Mario Quintero?

Are you having difficulty finding a property?  Are you stuck in a bidding war?   We have helped many repeat clients purchase similar properties and either keep them for themselves or use as an investment. Mario has been in the real estate mortgage business since 2002. Mario’s experience is tested and true. Mario has helped thousands of clients secure and improve competitive real estate mortgage interest rates .

Mario gets your deal done. Let Mario be both your trusted Miami realtor and Miami mortgage broker.

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.

Reverse Mortgage

Reverse Mortgage

A Financial Option in Retirement

While we all hope to be healthy well into our golden years in retirement, statistics indicate at least 70% of Americans 65 and older will require some form of long term care or disability insurance. As we all know, these costs can be high and literally break the bank for many seniors adding undue stress to themselves and their families.

Wouldn’t it make sense then, to plan for the unexpected?

Most people want to stay in their homes as long as possible and in their communities, with familiar surroundings. Preparing for the future with in-home care is the most vialbe option. Not only do we become accustomed to our neighbors and community, we want to stay close to what we know and feel comfortable with.

As we all know, health care costs are just continuing to increase. So, what options are available to seniors that will help allow finance these inevitable costs?

What is a Home Equity Conversion Mortgage?

A Home Equity Conversion Mortgage (HECM), known more commonly as a reverse mortgage, is a Federal Housing Administration (FHA) insured loan. A reverse mortgage allows seniors 62 and older to tap a portion of their home’s equity to obtain funds without having to make monthly mortgage payments.  If you have an existing mortgage, then the balance would need to be paid off using the proceeds from the reverse mortgage. The borrower continues to own the house, and maintains title for the life of the loan. The home can also be sold at any time. The loan typically becomes due when the borrower moves out of the house as their primary residence or passes away.

Why not consider this option for either yourself or someone you know?

 

Get in Touch with Mario Quintero Today

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

Friday the 13th

Friday the 13th

 

from History.com and Wikipedia.com

The History of Friday the 13th

Long considered a harbinger of bad luck, Friday the 13th has inspired a late 19th-century secret society, an early 20th-century novel, a horror film franchise and not one but two unwieldy terms—paraskavedekatriaphobia and friggatriskaidekaphobia—that describe fear of this supposedly unlucky day.

Just like walking under a ladder, crossing paths with a black cat or breaking a mirror, many people hold fast to the belief that Friday the 13th brings bad luck. Though it’s uncertain exactly when this particular tradition began, negative superstitions have swirled around the number 13 for centuries.

Why is Friday the 13th Unlucky?

The superstition surrounding this day may have arisen in the Middle Ages, “originating from the story of Jesus’ last supper and crucifixion” in which there were 13 individuals present in the Upper Room on the 13th of Nisan Maundy Thursday, the night before his death on Good Friday.[3][4]While there is evidence of both Friday[5] and the number 13 being considered unlucky, there is no record of the two items being referred to as especially unlucky in conjunction before the 19th century.[

Why Work with Mario Quintero?

What could be worse on a Friday the 13th than to find you dream home and not be pre-approved for it!  Need help financing a property?  Are you having difficulty finding a property?  Are you in the market to purchase or refinance?  We have helped many repeat clients both purchase and refinance their homes.  Mario has been in the real estate mortgage business since 2002. Mario’s experience is tested and true. Mario has helped thousands of clients secure and improve competitive real estate mortgage interest rates .

Mario gets your deal done. Let Mario be both your trusted Miami realtor and Miami mortgage broker.

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.

 

Home buying in Miami

Home buying in Miami

 

Home buying market so brutal, some home buyers make offer sight unseen

from CNBC

This spring home-buying season should be a coming-out party for Millennials, many of whom are finally ready to make a purchase after hunkering down for years in their parents’ basements or expensive apartments.

The only problem: Much of the food at the party is gone, and what’s left is priced like caviar.

Although solid job and income growth is emboldening many prospective home buyers, record low housing supplies are driving up prices and curbing sales, especially for Millennials looking to buy starter homes.

 “For home buyers, this is shaping up to be one of the most difficult years in recent memory,” says Ralph McLaughlin, chief economist of Veritas Urbis Economics, which studies the housing market.

For sellers, it will be a standout spring that brings big profits, unless those sellers themselves are looking to buy a larger home in the same metro area. “It’s going to have the feel of a hot market,” marked by multiple offers and bidding wars, says Lawrence Yun, chief economist of the National Association of Realtors (NAR).

Why? Too many buyers chasing too few homes. In February, there was a 3.4-month supply of existing homes nationally, the lowest on record for that month and substantially below a balanced six-month inventory.  And,  the number of starter homes is down 14.2% in the first quarter from a year ago, according to real estate research firm Trulia.

 

Why Work with Mario Quintero?

Are you having difficulty finding a property?  Are you in the market to purchase or refinance?  Don’t buy your most valuable asset site unseen. We have helped many repeat clients purchase similar properties and either keep them for themselves or use as an investment. Mario has been in the real estate mortgage business since 2002. Mario’s experience is tested and true. Mario has helped thousands of clients secure and improve competitive real estate mortgage interest rates .

Mario gets your deal done. Let Mario be both your trusted Miami realtor and Miami mortgage broker.

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.