Miami conventional home loans

Miami conventional home loans

Miami Conventional Home Loans

Conventional home loans come in different shapes and sizes.  Strock & Tanner Mortgage works with different conventional home loan programs to fit your particular needs.

The maximum amount lenders allow for conventional home loans for a single family dwelling is $417,000.

Terms vary as follows:

30 year fixed rate:

  • Monthly principal and interest payment never changes
  • Safety and security in knowing what your payment will be in the future

15 year fixed rate:

  • Your combined monthly principal and interest payment are fixed
  • You know what your payment will be into the future
  • Your home loan will be paid off in half the time as a 30 year fixed rate loan
  • Though your monthly payment is higher than a 30 year fixed rate loan, your interest rate is typically less

 

Why Work with Mario Quintero

Would you like to take advantage of the various conventional loan benefits available?  Let me help you take a look at your options. I have been in the home mortgage loan business since 2002. Because of this, my experience is tested and true. I have helped thousands of clients like you with their conventional home loan needs.

Let me be both your trusted Miami realtor and Miami mortgage broker.  It is my burning desire to build a business based on strong, lasting, lifelong relationships, one person at a time, through confidence and trust. I look forward to hearing from you and I can be contacted via email Mario@stcloans.com.

 

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 Reverse Mortgage

Miami Reverse Mortgage

 

Benefits of a Miami Reverse Mortgage

We closed our last reverse mortgage of the year last week, helping Marcelino and Josefina supplement their daily living.  This is one of the many benefits of a Miami reverse mortgage.  Whether it’s for yourself, your elderly parents or anyone else you know who’s retired, a Miami reverse mortgage is an excellent way to supplement life at retirement.

The above picture shows our closing celebration with Marcelino & Josefina.  We had just completed a reverse mortgage closing at their home with caretaker family members, Daisy & Maggie.

A Miami reverse mortgage is just one of the vehicles Mario Quintero and the team at STC Loans help you reach your goals and dreams.  Life is expensive at retirement.  Fortunately, the Miami reverse mortgage option is available to individuals who’ve worked hard their entire life.   Because they’ve paid off their homes, and reach retirement age, their investment can work for them.

Your home is your biggest investment.  Inasmuch, as you age, and you pay this off, it allows you to benefit when you retire.  Upon retirement, you may use all or a portion of the proceeds to subsidize life.   Moreover, you live debt-free, as you never have to make another mortgage payment again.  You are still responsible for taxes and insurance, however.  But, all the payments you’ve made prior to retirement now help you.

Why not take advantage of this?

 

Why Work with Mario Quintero

Would you like to take advantage of the many reverse mortgage loan benefits available? Think you qualify for a reverse mortgage? Have a look at your options with the help of Mario Quintero of STC Loans. Mario has been in the reverse mortgage business since 2002. Because of this, his experience is tested and true. Mario has helped thousands of clients secure and supplement their retirement through a reverse mortgage.

Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me 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.

 

Miami Jumbo Home Loans

Miami Jumbo Home Loans (image from CNN)

 

Origin of the term “jumbo mortgage”

According to Zillow, “Jumbo mortgages are also called non-conforming mortgages. These types of loans are made when you don’t “conform” to the requirements of Fannie Mae and Freddie Mac.  Fannie and Freddie provide stability and affordability to the mortgage market.  They do this by buying “conforming” mortgages from lenders.”  This provides liquidity to make more mortgages. Loans higher than these limits are called jumbo mortgages.

 

So what makes it a Jumbo Loan?

The current “conforming” loan limit for a single-family (primary or second) home in Miami is $417,000. This is set by Fannie Mae. When your mortgage goes beyond this level in Miami, it becomes a Miami Jumbo Home Loan.  Additionally, Jumbo Loans are available to you with both Adjustable and Fixed Rates.  Because of this, your interest rate will be slightly higher than conforming loans.

What makes it different than a conforming mortgage?

When you purchase a more expensive home, you incur more risk  . As a result, your property values are subject to greater fluctuations.  This will then require more conservative underwriting requirements.

Because of this higher risk, the average Jumbo Loan borrower has a better credit history.  They also have more stable income and higher reserves than a conforming buyer.  Higher reserves come in the form of more liquidity, assets and cash on hand.

 

Why Work with Mario Quintero

Do you think you qualify for a Miami jumbo home loan? 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.

Generous Miami Realtor and Mortgage Consultant

Charitable Miami Realtor and Mortgage Consultant

Charitable Miami Realtor and Mortgage Consultant…

As the saying goes, “Tis better to give than to receive”.  This saying can not be more true than at the end of the year.   Often at this time, both young and old alike, across the USA are left without the ability to experience the true blessings of the season.

Not the case for “DeNito’s Ride for Kids.”

Anthony DeNito of DeNito’s Ride for Kids “donates specially designed bikes for kids with lower levels of mental or physical abilities to offer safe, stable and stylish choices, providing them a new form of mobility, exercise, therapy but most importantly, the joy of cycling.”  Indeed, even a child with a severe debilitating disability who would in any other case, be unable to experience the joy, pleasure and physical benefit of riding a bike, can now experience just that.

Through the company’s mission statement:   “To focus directly on kids that are unable to ride bikes due to mental or physical disabilities.  We are working with a manufacturer in the USA to offer safe, stable and stylish choices for kids with lower levels of ability, providing them a new form of mobility, exercise, therapy and most importantly, the joy of cycling.”

Anthony DeNito makes the dreams of both parents and children with challenging physical disabilities.

Make Your Contribution Today

Are you looking for a charity to donate to this holiday season?  Because of all the benefits, please consider DeNitos Ride for Kids, helping physically challenged children experience the joy of riding a bike.  Learn more here.

The Charitable Team at Strock and Tanner Mortgage

Miami realtor and mortgage consultant, Mario Quintero of STC Loans, presented Anthony DeNito of Denito’s Ride for Kids with a generous donation for the charity towards the design and development of a new bicycle for a physically challenged child.

Why Work with Mario Quintero

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 Jumbo Mortgage Rates

Miami Jumbo Mortgage Rates

 

Miami Jumbo Mortgage Rates Increasing Soon

Miami jumbo mortgage rates may be increasing soon.  While interest rates are at historical low levels, according to a recent post in the Wall Street Journal,  “the mortgage market is changing fast.”  “In the two days following the election, the average rate on 30-year fixed-rate conforming mortgages spiked a quarter of a percentage point to 3.87%.”

 

Why Buy NOW

Depending on how far that runs, higher rates could arrest further gains in home prices. While prices have shot up in many U.S. housing markets over the past couple of years, superlow mortgage rates have kept higher prices within reach of many borrowers.

“The ultimate problem is the impact of rising rates on home values,” said Stu Feldstein, president at SMR Research Corp., a mortgage-research firm.  He said his firm expects that by the end of 2017 rising rates will have contributed to home values declining in about one-third of the U.S.

The most important key here is locking in the lowest possible Miami jumbo mortgage loan rate for your home today, before interest rates rise.  You can afford much more house with a lower interest rate.

Don’t wait, NOW is the time to buy!

 

Why Work with Mario Quintero

Think you qualify for a Miami jumbo home loan? Then shop for a jumbo mortgage with the help of Mario Quintero of STC Loans. 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.

 

FHA Loan

FHA Loan

 

What is an FHA Loan?

 

An FHA loan is a mortgage insured by the Federal Housing Administration.  Consequently, as a borrower with an FHA loan, you are required to pay for mortgage insurance.  Because of this, the lender is protected from a loss if you default on the loan.

 

Why You Would Get an FHA Loan

There are many reasons why you would be interested in an FHA Loan.  We’ll discuss the top reasons why people choose FHA loans in the next post covering FHA loans.  However, rest assured, because less rigorous lending standards and lower down-payment requirements are among these reasons, FHA loans are popular among mortgage borrowers.   Furthermore, FHA loans are offered at attractive interest rates and with less stringent and more flexible qualification requirements. The FHA is an agency within the U.S. Department of Housing and Urban Development.

Why Work with Mario Quintero

Would you like to take advantage and believe you qualify for an FHA loan? Take a look at your options with the help of Mario Quintero of STC Loans. Mario has been in the home mortgage loan business since 2002. Because of this, his experience is tested and true. Mario has helped thousands of clients like you with their conventional home loan needs.

Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me 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.

Conventional home loans

Conventional home loans

Conventional Home Loans

Despite talk of interest rates increasing, following the recent general election, there’s never been a better time to buy or refinance a home. We have access to all the best and most competitive programs available.  Because of this, we can offer you a selection of different conventional loan programs with the most favorable terms.

Per bankrate.com,  “A ‘conventional loan’ is any mortgage not guaranteed or insured by the federal government, but which is within the lending limits set by Fannie Mae and Freddie Mac.”  Most home loan borrowers in the USA fall within the criteria of needed a conventional mortgage loan.  This is the case whether it’s a home purchase or a refinancing option.

 

Conventional Loan Options

The following different options are available for conventional loans.  Depending upon your particular need, choose which one fits you best:
Fixed-rate loan: Your payment remains the same throughout the length of your loan. This is an excellent choice if you plan to live in the home for many more years.
Adjustable-rate loan: Your rate will adjust and your payments will fluctuate based on changes in the market. This is a good option if  you don’t plan to own the home for long.  It’s a good option to take advantage of lower interest rates in the first few years of your loan.
Interest-only loan: You only pay the interest on the principal balance of the loan for a certain period of time.  This is a good choice if you are looking for more flexibility.  Your initial payments will be lower the first few years of the loan.

 

Why Work with Mario Quintero

Would you like to take advantage of the various conventional loan benefits available?  Take a look at your options with the help of Mario Quintero of STC Loans. Mario has been in the home mortgage loan business since 2002. Because of this, his experience is tested and true. Mario has helped thousands of clients like you with their conventional home loan needs.

Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me 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 Loan Benefits


Reverse Mortgage Loan Benefits

 

Reverse Mortgage Loan Benefits

As a senior citizen, reverse mortgages provide you with a valuable tool.  This tool can be used as part of your overall strategy in financial planning for retirement. Reverse mortgage loan benefits are numerous. If you’re looking to supplement your retirement income, have a look at just three key benefits listed below:

#1 You remain the owner of your home.

A common misconception of reverse mortgages is that the lender takes ownership of your home. This is false. You continue to maintain ownership of your home, as long as you comply with the terms of the loan and pay your taxes and insurance.

#2 There are no monthly mortgage payments required from you.

One of the most attractive benefits of reverse mortgages is that payments are made TO you, as long as you live in your home. This is quite different from a traditional forward mortgage where you must pay funds in a monthly amount. With reverse mortgages, you receive funds. The loan is repaid when you sell your home, move to another primary residence, or when the last borrower leaves the home.

#3 Choose from different disbursement options.

Each individual senior has different needs. Thus, there are different disbursement options to cover different needs. This includes the choice to receive funds in a full or partial sum, a line of credit, monthly payments, or a combination of any of these.

These are only a few of the many reverse mortgage benefits. For a complete view of how a reverse mortgage can benefit you in your particular situation or to learn more about reverse mortgage pros and cons, call us at American Advisors Group. Your Reverse Mortgage Professional will sit down with you and go over a customized financial strategy in order to take full advantage of all the benefits a reverse mortgage has to offer you.

 

Why Work with Mario Quintero

Would you like to take advantage of the many reverse mortgage loan benefits available?  Think you qualify for a reverse mortgage?  Have a look at your options  with the help of Mario Quintero of STC Loans. Mario has been in the reverse mortgage business since 2002. Because of this,  his experience is tested and true.  Mario has helped thousands of clients secure and supplement their retirement through a reverse mortgage.

Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me 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.

Miami Jumbo Home Loan

Miami Jumbo Home Loan

A Miami Jumbo Home Loan

Just as when you shop for your dream home can be a bit challenging, you can say the same when entering into the financing of your new home. Many homeowners become overwhelmed when faced with having to secure financing for their new home purchase. Add to this, contractual time limits causing you to secure your financing quickly.

According to wikipedia, “In the United States,  A jumbo home loan 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.” Traditionally, the interest rates on jumbo mortgages are higher than for conforming mortgages. Most recently, however, jumbo loans carried lower interest rates than conforming loans.

Qualifying for a Jumbo Home Mortgage Loan

The underwriting process for jumbo mortgages is similar to that of a conforming mortgage, except that jumbo lenders sometimes require 2 appraisals instead of just 1.  Moreover, since they are often considered luxury properties and carry higher risks,  lenders prefer to have a higher down payment. Additionally,  lenders may require two appraisals on a jumbo mortgage loan.
In order to qualify for a jumbos home loan, borrowers must typically meet three minimum requirements:

Down Payment

Down payment requirements differ in many cases. Jumbo loans generally require higher down payments — depending on the lender, the minimum down payment could be 15%, 20% or 30% for home purchases.

Income

Lenders want to make certain your debt-to-income ratio, or the percentage of monthly income you spend on debt payments, including mortgages, student loans, auto loans, minimum credit card payments and child support, will leave you at a comfortable level, not overextending yourself.

Credit/FICO Score

Your credit score also plays an important role as you qualify for a jumbo home loan. Many lenders require a credit score of 700 or higher, a debt-to-income ratio of 43% or less, and 6 to 12 months’ worth of reserves.However, remember, the higher your credit score, the better the terms you will receive on your Miami jumbo loan. In this case, too, the stronger your initial down payment, the better your lending terms will be.

Why Work with Mario Quintero

Think you qualify for a Miami jumbo home loan?  Then shop for a jumbo mortgage with the help of Mario Quintero of STC Loans.   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.

VA Loan for Veterans

VA Loan for Veterans

A VA Loan for Veterans

What is a VA Loan for Veterans?

Are you a veteran who has served in the United States armed forces in either a time of peace or war?  You quality for a VA loan for veterans.

According to Wikipedia, “A VA loan for veterans is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders.

The VA loan for veterans offers long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).  The basic intention of the VA loan for veterans is to supply home financing to eligible veterans in areas where private financing is not generally  available.   Additionally, it helps veterans purchase properties with no down payment.

 

How does a VA Loan for Veterans Work?

The VA loan allows veterans 103.3 percent financing without private mortgage insurance or a 20 percent second mortgage.  It also allows for up  to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA.  Additionally, this fee may be financed. In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount. Consequently, this allows you a larger loan amount with the same payment.

In a refinance, where a new VA loan is created, you may borrow up to 100% of the value, as long as allowed by your state’s laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for an VA Interest Rate Reduction Refinance.

VA loans allow veterans to qualify for loan amounts larger than traditional Fannie Mae of conforming loans. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.

The maximum VA loan guarantee varies by county.  The maximum VA loan amount with no down payment is usually $417,000.  However, depending upon where you live, this amount may rise to as much as $1,094,625 in certain specified “high-cost counties”.”

 

Why Work with Mario Quintero

Are you a veteran looking to both purchase and secure mortgage financing?  Buying a home isn’t just a matter of finding the right house. Negotiating and reaching a workable price level work hand in hand. 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 you VA loan for veterans,  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.