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.

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.

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.

 

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.

Miami Reverse Mortgage

Miami Reverse Mortgage

 

What is a Miami Reverse Mortgage?

Do you know how a Miami reverse mortgage works?.  You may or you may not.

Are you over 62 years old?  Interested in eliminating your monthly mortgage payments?  Looking for income for life?

A Miami reverse mortgage loan is available to seniors who are above 62 years old. One function of the Miami reverse mortgage is designed to help seniors eliminate their monthly mortgage (in the event they still have one).  There must be enough equity in the property to qualify. The Miami reverse mortgage allows seniors above 62 to transform a part of their home equity into immediate cash.  This eliminates the need to sell your home.  It also eliminates your need to refinance.

Moreover, a reverse mortgage loan allows you to access your accumulated home equity.  Through this financial instrument,  you don’t have to make payments on the reverse mortgage.  Because of this, payments are deferred until you pass away or you vacate your property.  This is an amazing opportunity for you, as a senior citizen. Why? Because you are not required to make a mortgage payment.  You don’t have to pay any interest.  Still, you must continue to have homeowner’s insurance. And, you must pay the yearly property taxes due on your home.

 

What Mario Quintero Can Do For You?

If you are still confused about what a Miami reverse mortgage loan is, contact me here.  Call me at 305-598-1600.   I’ve helped thousands, like you,  secure financing through mortgage loans since 2002.

 

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 loan.  Furthermore, I can help your senior parents secure a comfortable retirement through a reverse mortgage.

 

Florida Reverse Mortgage

Florida Reverse Mortgage

 

Who Qualifies for a Florida Reverse Mortgage?

A Florida reverse mortgage is a unique financial instrument designed to benefit property owners age 62 and older. Though we help individuals with all types of loans, Miami-based Strock & Tanner Mortgage specializes in a Florida Reverse Mortgage.  Typical clients for a Florida reverse mortgage are senior citizens who are searching for a method to tap their home’s equity without being required to repay the loan while they still live and reside in their home.

 

How does a Florida reverse mortgage work?

A reverse mortgage pays you by returning you the equity in your home. You do not have to repay the proceeds until death. So, you may live in the home comfortably without making mortgage payments. You are still responsible for insurance and taxes. Many Florida seniors are you using a Florida reverse mortgage today in order to offset their retirement. This tool allows for the optimum quantity of flexibility to resolve your specific financial requirements and needs.

Say, for instance, you need to pay healthcare expenses or any other regular payments to help subsidize your monthly income and earnings. Unlike standard and traditional home equity loans, you do not have to repay a Florida reverse mortgage until you die.  You must continue living in this house, however.

The accumulated interest plus any money the loan provider has actually paid you becomes due and must be paid accordingly. If you would like to know more about our services, please visit our company website or contact us in this link: http://stcloans.com/MessageUs.php.

Interested in learning more about a Florida reverse mortgage? I’m Mario Quintero, your mortgage & realtor for life. Let me be your 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. Contact me today at 305-598-1600.

 

 

 

 

 

for sale

Miami Home Sales are off the charts, too!  Are you still on the fence about buying that next Miami property?  What are you waiting for?  Miami home sales continue to outperform the rest of the country.

Pending home sales hit second highest point in decade in the USA!   Pending home sales increased in July led by high gains in the West, which hit its highest month in more than three years. There is, however, still room for more growth. There’s little doubt there’d be more sales activity right now if there were more affordable listings on the market.

Pending home sales increased in July up to the highest reading in over a decade, according to the latest report from the National Association of Realtors.  And Miami home sales, though not leading the pack this month, have certainly continued to outperform the national average.

While the West led the way with its increase in pending home sales, the Midwest was the only area to see a decrease in contract activity, according to the report. “The index in the West last month was the highest in over three years largely because of stronger labor market conditions,” NAR Chief Economist Lawrence Yun said.

“If homebuilding increases in the region to tame price growth and alleviate the ongoing affordability concerns, the healthy rate of job gains should support more sales,” Yun said.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.3% to 111.3 in July, representing the second highest point this year. It is up from a downwardly revised 109.9 in June, and up 1.4% from last year’s 109.8.

An index of 100 is equal to the average level of contract activity during 2001, the first year to be analyzed. Coincidentally, 2001 was the first of four consecutive record years for existing-home sales.

“Amidst tight inventory conditions that have lingered the entire summer, contract activity last month was able to pick up at least modestly in a majority of areas,” Yun said. “More home shoppers having success is good news for the housing market heading into the fall, but buyers still have few choices and little time before deciding to make an offer on a home available for sale.”

“There’s little doubt there’d be more sales activity right now if there were more affordable listings on the market,” he said.

Residential construction data shows that the size and costs of new homes moved downward over the past year, the report said. This is an early indication that homebuilders are beginning to shift away from building larger, more expensive homes in order to focus on properties in the middle and lower price ranges.

“Realtors in several high-cost areas have been saying for quite a while that there is robust demand for single-family starter homes and townhomes at an affordable price point for young buyers,” Yun said. “The homeownership rate won’t move up from its over 50-year low without a meaningful boost from first-time buyers, whose participation has yet to noticeably increase so far this year despite mortgage rates near all-time lows.”

In fact, homebuilder confidence increased in August as new construction and new home sales increase, according to the Housing Market Index by the National Association of Home Builders and Wells Fargo.

According to the latest estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales soared in July.

“Single-family starts are still growing at double-digit rates,” Trulia Chief Economist Ralph McLaughlin said in response to the new home sales report. “Supply-constrained homebuyers should rest assured that relief is on the way.”

Are you interested in learning more about Miami home sales? 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.

Reprinted from Kelsey Ramírez, Housing Wire, August 31, 2016