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 Realtor

Miami Realtor

 

 

88-turbulences-flyer

Your Miami Realtor

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

 

88 Turbulences Which Can Go Wrong During Your Real Estate Transaction

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

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

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

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

 

Get in Touch with Me

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

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

 

HELOC Loans

HELOC Loans

 

 

Reprinted from Reverse Mortgage Daily written by Jason Oliva

HELOC Loans

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

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

 

DANGERS

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

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

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

HOW A HELOC WORKS

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

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

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

WHAT TO DO

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

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

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

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

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

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

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

Get in Touch with Me

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

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

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.

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

 

Screen Shot 2016-08-24 at 1.49.32 PM

Miami real estate continues to boom…

As per the most recent Marketwatch of just yesterday, there is “no better time in history to invest in real estate.”

There is much talk out there of the market correcting, but though interest rates continue to fluctuate, international events continuing to occur, such as Brexit, the stock market fluctuating, along with many other factors, clearly, real estate not only continues to boom but more importantly, continues to be one of the historically safest investments, with substantial gains over time.

As per the Marketwatch piece, “And given that so many traditional asset classes are facing headwinds, it’s worth taking a serious look at real estate both as a way to find new opportunities and to hedge your bets in a challenging market.” Ultimately, given the volatility in other traditional investments, real estate not only provides a safer haven, but may also provide a steady income in the long-term.

Again, per Marketwatch, “Yes, a rental property isn’t exactly a conventional income investment … but 10-year Treasurys yield less than 1.6% annually and investment-grade corporates aren’t much better. And sure, house flipping is risky and isn’t for everyone, but the same is true for small-cap biotech stocks and emerging-market equities.”

So many investors are looking to vary and diversify their assets accordingly in order to not be fully committed to one particular investment. Moreover, the steady income from a rental property is a welcome addition to anyone’s bottom line.

Are you looking into purchasing an investment property for rental income? This is one of the services we provide our clients at Strock and Tanner Mortgage.

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.

 

Screen Shot 2016-08-05 at 12.04.32 PM

Reverse mortgages are used today as a financial vehicle for many seniors in retirement. In the past, this was frowned upon, as a reverse mortgages was considered an insecure, unstable financial instrument. Today, however, this instrument has become very popular to helping seniors be more comfortable financially in retirement.

Many options are available with reverse mortgages today. There is the traditional reverse mortgage, where seniors may use the equity built in their homes as a vehicle to finance their retirement. There’s the HECM Reverse Mortgage, which is a vehicle used where seniors are allowed to take the equity in their homes and purchase another property with the proceeds.   In other words, it’s a reverse mortgage for purchase. There’s a jumbo reverse mortgage where your property is above the $417,000 conventional level, classifying as a traditional jumbo property.

All above-mentioned vehicles, are strategic tools seniors may use in retirement in order to be able to finance their retirement. No risk is attached to a reverse mortgage. A retired individual, and their spouse, may live comfortably in their home while accessing the equity in their homes while in retirement.

Regardless of which type of reverse mortgage is chosen, certain conditions remain the same with which the retiree has to comply. Among these, of primary importance is that the retiree applicant be 62 years of age.

If you are interested in a reverse mortgage for yourself or your elderly parent, have a look at our online brochure here, where you can learn more about the facts surrounding reverse mortgages.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Strock and Tanner Loans  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.

Screen Shot 2016-06-17 at 8.41.21 AM

 

It’s been a month since the Brexit vote and, as we reported initially, Miami home loan interest rates have continued to decline.

Just this week we reported how we now have a new conventional home loan interest product with 1% down payment, up to $417,000 loan as long as your total debt service ratio is no more than 46% and your FICO credit score is over 700.

These numbers are unheard of post the Great Financial Recession of 2009. If you have not yet acted, NOW is the time to purchase or refinance your home in order to lock-in these low rates before they increase.

As you very well, the Fed’s actions are unpredictable from meeting to meeting, so home interest rates could very well rise at any time without prior notice.

The Miami housing market continues to sizzle despite other major metropolitan home areas nationwide showing signs of slowing. We are not only fueled by locals interested in buying, selling and refinancing, but we have a large tourist population making Miami a second home. Our international foreign buyer base is also strong seeking a secure harbor to park their capital given uncertainty in other global markets.

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.