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May 2, 2014
You’ve found your dream home. But to get it, you’ll need to apply for a jumbo mortgage loan. Historically, this means that you would have needed a larger down payment, been assessed a higher interest rate and been required to provide more documentation to verify your income. But much of this is changing in 2014. While mortgage lenders are still requiring jumbo borrowers to extensively document their financial health, many are also reducing the costs of taking out and paying back these large loans. And, as recent mortgage-lending numbers show, lenders are approving a greater percentage of borrowers who apply […]
May 1, 2014
In the month of April, there were a total of 32 single family home sales, down from the 39 sales last month. Of the 32 sales, three were waterfront homes and five were golf view properties. The average price per square foot for non-waterfront homes was $303, slightly down from the $314 average of last month. The average sales per square foot for waterfront homes increased to $623.41, up from $499 last month. However, on both the graph and in this average, I omitted one sale last month. The home at 90 Leucadendra Drive sold for $6,800,000 in the […]
April 30, 2014
Coming soon! Oscar Arellano has a couple new listings in the works. Its becoming well known that the inventory in Coral Gables is running very low, causing new listings to fly off of the market. Keep an eye out here for a first look before the listings hit the market. The first listing is a three bedroom, three bathroom rental close to the University of Miami. The second listing is a three bedroom, two bathroom Old Spanish home for sale located in the North Gables. Here are some current available listings that compare in size and price to our rental […]
April 30, 2014
The mortgage lending business changed in January when the Consumer Financial Protection Bureau’s Qualified Mortgage rules went into effect. The bureau enacted these new rules to bring what many consider common-sense guidelines to the mortgage-lending process. The goal is to guide lenders to only passing out mortgage dollars to those borrowers who can afford to pay their loans back. The hope is that the guidelines will help prevent a repeat of the mortgage crisis that began in 2007. If you remember, starting that year, a surging number of homeowners found that they could no longer afford their mortgage payments. This […]
April 30, 2014
If you’re planning to buy a house in the next few years, now’s the time to think about your down payment. Whether you’re considering an FHA home loan or a conventional mortgage, your lender will require a minimum down payment between 3.5% and 5% of the sale price. As a first-time homebuyer, this could be your biggest obstacle to reaching the closing table. Even if you earn a decent salary and have an excellent credit score, it can be difficult to save for a down payment if you do not have disposable cash. However, you should not give up on your […]
April 29, 2014
Oscar Arellano’s newest listing is a large office space in Downtown Coral Gables. The second floor of 338 Minorca Ave is available for rent. Included: Four office spaces, three secretarial spaces, three covered parking spaces, cleaning, furnished reception area, 24-hour access, alarm, kitchen, utilities including internet/WiFi, water, and power. Also, the space will have new flooring and will be newly painted. Listed at $4,200 If you would like more information on this listing or any others, please contact me at 305-525-7324
April 25, 2014
If you’re rebuilding your credit, you might feel that a mortgage loan is out of reach. Today, many lenders require a minimum credit score between 680 and 700. And if your score isn’t within this range, you might push aside any plans to purchase a home — at least for now It’s true that mortgage lenders have tightened their loan requirements. However, there are provisions in place to help those with a “not-so-perfect credit past” qualify for mortgages. If you’re ready to buy a house, here are four ways to get approved for a loan. Apply for an FHA Mortgage Loan […]
April 25, 2014
Just listed in Coral Gables is the amazing waterfront home located at 6939 Sunrise Drive. This gorgeous contemporary home has amazing open bay views and is located in the desired gated Sunrise neighborhood. The home is three stories high, has a sparkling pool, oversized bedrooms, large living spaces, and top of the line appliances. It is currently the best open bay deal on the market! Details of 6939 Sunrise Drive, Coral Gables: Bedrooms: 5 Bathrooms: 6 1/2 6,388 Sq. Ft. of Living Space 16,500 Sq. Ft. Lot Listed at $6,800,000 If you interested in viewing this home or any […]