No PMI Loans

No PMI Loans

From Realtor.com

Avoiding PMI Without the 20% Down Payment

No PMI Loans

Did you know you don’t have to put 20% down to avoid PMI, or private mortgage insurance?  Indeed, you may qualify for no PMI loans, without the 20% down payment.

What is a Conventional loan without PMI?

When you fall short of a 20-percent down payment on a conventional mortgage loant, you must pay for private mortgage insurance, or PMI. Although you can’t avoid the coverage which protects your lender in case you default, you can prevent monthly payments. Some conventional lenders offer alternative methods of paying PMI premiums to help keep your monthly payments low. You may also eventually qualify to cancel PMI, with your lender’s permission.

Conventional loans offer better interest rates and repayment terms in comparison to government-backed loans. Conventional financing requires good credit and a healthy debt-to-income load. If you lack this criteria, which is set by Fannie Mae, you can turn to financing backed by the Federal Housing Administration or the Department of Veterans Affairs, provided you are an eligible veteran. You can also opt for a conventional loan with PMI. Typically, you pay the annual PMI premium in monthly installments, along with the mortgage payment.

You can forgo monthly PMI installments by increasing your conventional loan’s interest rate. Known as lender-paid PMI, the lender covers the PMI premium for you and passes the cost onto you by increasing your interest rate. Your rate generally increases by three-quarters of a percentage point to a full percent, according to Realtor.com. Because you keep the increased interest rate for the duration of your loan, you can ultimately end up paying more over the life of your loan with lender-paid PMI.

Why Work with Mario Quintero

I help people reach their goals. Whether you want to buy for the first time, refinance your existing loan, purchase an investment property, or sell your home, TODAY is your moment. Have a look at your options with the help of Mario Quintero of STC Loans. Mario has been in the Miami real estate and mortgage business since 2002. His experience is tested and true. Mario has helped thousands of clients reach their home ownership goals,

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, Your Miami Realtor

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.

Daylight Saving Time

Daylight Saving Time

 

Reprinted from Cleveland Clinic

Daylight Saving Time

Daylight Saving Time begins Sunday, March 12, so set your clocks ahead one hour.

The good news is you’ll get an extra hour of daylight. The bad news is you’ll also lose an hour of sleep. Unless you are in Arizona or choose to ignore clocks, you have no choice but to adjust.

 

Facts About Daylight Saving Time

Here are five facts,  And a bonus: it’s Daylight Saving, not Savings.

1. This is the 101st anniversary — sort of.

Daylight Saving Time started in 1908 in Thunder Bay, Canada, to squeeze in an extra hour of daylight. It spread to certain cities in Canada, then to Germany, which in 1916 was the first nation to adopt the idea. The thinking: In wartime, better use of natural light among civilians would save coal for more important uses. England and France joined in that year, too.

The United States followed in 1918, though over the years it tinkered with the idea – repealing it, re-instituting it during energy crises, changing the dates and sowing consternation. If you accept 1916 as the real start, because that’s when entire nations began using Daylight Saving Time, this year marks the 100th anniversary. (Yeah, we quibble with that too, but you’ll see it mentioned in some accounts.)

2. Thank Dubya.

Daylight Saving Time in the United States was extended by four weeks in 2007 – starting on the second Sunday of March and going to the first Sunday of November – as a result of the Energy Policy Act of 2005, signed by President George W. Bush. The intent was to save energy, and the sporting goods and convenience store industries liked it, saying more daylight would be good for business.

The U.S. Conference of Catholic Bishops and orthodox rabbis did not, saying children would have to walk to school or wait for buses in the dark. In fairness, this was a minor part of the bill, which was supported by Ohio’s two U.S. senators at the time, Republicans Mike DeWine and George Voinovich. Opposing it were then-Reps. Sherrod Brown, Stephanie Tubbs Jones, Dennis Kucinich and Marcy Kaptur, all Democrats. They said the bill favored the oil and gas industries too heavily.

3. This is not for the dogs.

Most babies and dogs can’t read clocks. They know when it’s time to wake up, and time to eat, partly because they are creatures of habit and partly because of their internal clocks. Then along comes Sunday and the clock skips ahead – except no one told them.

Experts give the same advice to parents as to dog owners: Make small adjustment over several days. Start waking up 15 minutes early (sorry, since we’re telling you this only two days in advance). Adjust your lights to better match the coming waking-hour (or sleep-time) light.

As Parents magazine says: Take baby steps.

Adjustments for pets may be easier if they are used to waiting for their owners and following their commands. But pet owners still may have certain habits to contend with. Julia Szabo, a pet journalist, gave this advice on the Dogster.com website a couple years ago, and it still applies: Carve out “a few extra minutes in your morning this week to take your pup for an additional outing, just in case it didn’t get around to doing number two. If that still isn’t forthcoming, don’t be surprised if you’re met with a little accident when you return home (and do be nice about it — it’s not the dog’s fault that the clock got reset).”

4. Arizona is full of rebels.

Arizona doesn’t participate in Daylight Saving Time, except for the portion in the Navajo Nation. Why not?

The Arizona Republic, the newspaper in Phoenix, said it perfectly: “The short answer: The last thing Arizona needs to save is daylight. On a July day when the high is 114 degrees, do you really want the sun hanging around until 8:40 p.m.?”

5. So much for energy savings.

With more time for outdoor activity, we use less energy in our homes – or do we?

A study in California reached a similar conclusion. But rather than consider a single state, the U.S. Department of Energy looked at electricity usage nationwide, examining data from 67 utilities. The department considered electricity consumption in industry as well as homes. This led to the conclusion that the four-week extension of Daylight Saving Time from the 2005 legislation shaved 0.5 percent off the nation’s energy usage, according to Scientific American. That doesn’t sound like much, but it’s enough to power 100,000 households for a year. The federal government uses that study to make its point today.

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 real estate consultant

Miami real estate consultant

Strength Through Adversity

 

As you embrace the start of the New Year, it’s important to give yourself room to grow. It’s also important to remember that growth is not always easy or obvious. I’m reminded of the following story, a valuable metaphor for embracing adversity:

A man found the cocoon of a butterfly. A small opening appeared. The man sat and watched the butterfly for several hours as it struggled to force its body through the little hole. Then it seemed to stop making any progress. It appeared as if it had gotten as far as it could and could go no farther.  The man decided to help, so he took a pair of scissors and snipped off the remaining bit of cocoon. The butterfly then emerged easily. But it had a swollen body and shriveled wings.

 

What Happened Next?

The man continued to watch the butterfly because he expected that at any moment the wings would expand and the body would contract to the proper proportion.

Neither happened! In fact, the butterfly spent the rest of its life crawling around. It never was able to fly.  In his kindness and haste, the man had not understood something. A restricting cocoon and the struggle for the butterfly to get through the tiny opening were nature’s way of forcing fluid from the body of the butterfly into its wings so that it would be ready for flight once it achieved its freedom.

Sometimes struggles are exactly what we need to become stronger in character and determination. If nature allowed us to go through life without any obstacles, we would not learn how to be resilient and powerful. We might never fly!

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.

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.

Buy property in Miami

Buy Property in Miami

Reprinted from Realtor Magazine

Yes, It’s Still More Affordable to Buy Than Rent

 

Buy Property in Miami

DAILY REAL ESTATE NEWS | TUESDAY, JANUARY 10, 2017
In about two-thirds of the country – or 66 percent of the largest U.S. counties – it’s more affordable to buy a home than to rent one, according to a report by ATTOM Data Solutions.

They compared the monthly rents of three-bedroom apartments to monthly payments on median-priced homes (including the mortgages, property taxes, and insurance) across 540 counties.

Read more: Housing Markets Move More Into Buy Zone
“It feels like buying a home is getting tougher and tougher from an affordability standpoint,” says Daren Blomquist, ATTOM’s senior vice president. “But the low interest rates have really helped.”

Mortgage rates, however, are expected to rise in the near future. That could dampen the affordability prospects in the future.

“Even a fairly slight increase in mortgage rates could flip the equation and make it more affordable to rent than to buy,” Blomquist says.

According to the report, rents have been surging faster than home prices in about 27 percent of the markets measured.

Buy Property in Miami

In the country’s most populated counties, the following places topped the list as most affordable to buy than rent: Cook County (Chicago), Ill.; Maricopa County (Phoenix), Arizona, Miami-Dade County, Fla.; San Bernardino County, Cal. in inland Southern California; Clark County (Las Vegas), Nev.; Tarrant County, Texas in the Dallas metro area; Wayne County (Detroit), Mich.; Broward County, Fla. in the Miami metro area; Bexar County (San Antonio), Texas; and Philadelphia County, Pa.

 

Why Work with Mario Quintero

NOW is the time to buy in Miami-Dade County, as per the above piece by Realtor Magazine. 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 Loans for Veterans Living in Florida

VA Loans for Veterans Living in Florida

VA Loans for Veterans Living in Florida

Being a US veteran has its benefits.  After all, this country owes veterans a debt of gratitude.  Therefore, the least we can do, among other things, is offer advantageous benefits to veterans such as competitive VA loans for veterans living in Florida.

Says Allison A. Hickey, VA’s Undersecretary for Benefits: “This vital program offers veterans, service members and their families the keys to homeownership and is truly a testament to our nation’s commitment to enhancing the lives of those who served our country.”

Here is a listing of  just a few of the benefits offered to veterans through VA loans for veterans living in Florida:

 

  • low interest rates than those of conventional loans (call our office at 305-598-1600 for current levels)
  • no down payment needed (if the purchase price doesn’t exceed the appraised value)
  • No private mortgage insurance required on loans of more than 80% of a home’s appraised value (which can often save borrowers $100 to $200 a month)
  • Limits on closing costs
  • No minimum credit score required
  • No prepayment penalty for eliminating your mortgage ahead of schedule

 

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 job loss preparation

Miami job loss preparation

Miami Job Loss Preparation

 

Are you prepared?

While it’s the beginning of a new year and we’re full of much hope and optimism, any of us could lose our jobs at any time for different reasons.  Are you prepared?

Here are 3 advice tips from financial experts:

  1. Have at least six months’ worth of living expenses on hand.
  2. In addition to your emergency fund, you should also have on hand an emergency credit card with the largest credit limit for which you can qualify.  Apply for this card before an emergency hits, as credit cards companies are more likely to grant you approval while you have a steady income. Save this card for unusual expenses that go above and beyond your six months of padding.
  3. As soon as you emergency hits, stay level-headed about finances.  Cancel unnecessary services, such as cable TV.  Consider trading in the car with a high payment.  Shop for less expensive food and drink.  Just by watching what you spend, you can save several hundreds of dollars per month.

 

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.

Our valued customers, colleagues, and friends refer their family members, coworkers, neighbors and other people they know to us for advice on any aspect of  mortgage financing. It is our 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.

 

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.

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 Conventional Loan

Miami Conventional Loan

A Miami Conventional Loan

Like when shopping for your dream home can be a bit overwhelming and 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.  In most cases, the type of loan you’ll need to secure is a Miami conventional loan.

According to wikipedia, “In the United States, a conventional mortgage home loan is a home mortgage loan that conforms to GSE (Fannie Mae and Freddie Mac) guidelines.  The most well-known guideline is the size of the loan, which as of 2013 was generally limited to $417,000 for single family homes in the continental US. Other guidelines include borrower’s loan-to-value ratio (i.e. the size of down payment), debt-to-income ratio, credit score and history, documentation requirements, etc.”

Eligibility

In order to qualify for a conventional loan, borrowers must typically meet three minimum requirements:

Down Payment

The standard down payment for a Miami conventional loan is anywhere between 5% and 25% of a home’s value depending on the borrower’s credit and financial condition.  For example, if the property you are trying to secure costs $100,000, the lender may want you to place a 20% or $20,000 down payment.  Buyers with stronger credit are usually able to place as little as 5% down in order to secure their home’s financing.

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 conventional loan.  Lenders vary on the minimum FICO credit score requirement.  This is not standard in the industry.  However, remember, the higher your credit score, the better the terms you will receive on your Miami conventional loan.  In this case, too, the stronger your initial down payment, the better your lending terms will be.

 

Why Work with Mario Quintero

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 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 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.