Is It Time To Refi?

Is It Time To Refi?
Posted Wednesday October 28, 2020 in Mortgage

A new study shows that forty-three percent of 30-year mortgage holders are eligible for a refinance that would lower their mortgage rates. That means their credit rating is at least 720, they have at least 20% equity in their homes, and they can reduce their mortgage rate by at least 0.75% through refinancing, according to…
Why Getting Pre-Approved Is So Important

Why Getting Pre-Approved Is So Important
Posted Tuesday October 13, 2020 in Mortgage, Real Estate

Getting a pre-approval from a mortgage lender in South Florida is a great first step in the homebuying process. When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable…
Steps You Can Take To Prepare For Buying A Home In South Florida

Steps You Can Take To Prepare For Buying A Home In South Florida
Posted Tuesday September 8, 2020 in Mortgage, Real Estate

With national inventory down almost 30%, the South Florida housing market has become more competitive. That’s especially true when it comes to mid-priced, affordable houses. So how do you get ahead in a hot market? The key is preparation. The sooner you start preparing to buy a house, the easier it’ll be to beat the competition.…
How to Improve Your Homeowners Insurance Coverage

How to Improve Your Homeowners Insurance Coverage
Posted Tuesday June 30, 2020 in Mortgage

If you own a home in South Florida, you need to have adequate homeowners insurance coverage. Nearly all mortgage lenders require it as part of the conditions for issuing a home loan anyway. However, as time goes on, you may find that you want to make certain changes to your homeowners insurance to create a better…
Why Does My Mortgage Keep Getting Sold?

Why Does My Mortgage Keep Getting Sold?
Posted Tuesday June 23, 2020 in Mortgage

A letter arrives in the mail and tells you your mortgage has been sold. It also informs you to send your monthly payments to a new address. Don’t panic! This happens all the time, and you shouldn’t see many (if any) changes. So why does your mortgage get sold—and why can it happen multiple times?…
Mortgage Payments Are Getting Relatively Cheaper

Mortgage Payments Are Getting Relatively Cheaper
Posted Monday February 17, 2020 in Mortgage

The average mortgage payment is about $1,500 per month, according to the U.S. Census Bureau, coming in at about the same amount as the cost of renting (the average cost to rent was $1,476 in October). Mortgage payments have decreased about 3% since mid-2018. They’re expected to get even lower this year, possibly 3.3% to…
A Whole New Credit Score Is Coming

A Whole New Credit Score Is Coming
Posted Monday March 11, 2019 in Mortgage

Chances are good you know all about  your credit score. Also called a FICO score, this magical number is a major factor in many financial transactions, including qualifying for a mortgage and renting apartments in South Florida. In October 2018, the Fair Isaac Corp. (the creators of FICO) announced a whole new scoring method called the UltraFICO.…
Things You Should Know Before Applying for a Mortgage

Things You Should Know Before Applying for a Mortgage
Posted Monday January 7, 2019 in Mortgage

Unless you’re sitting on a ton of cold, hard cash, you’re going to need a mortgage to buy a home in South Florida. Unfortunately, you can’t just show up at a bank with a checkbook and a smile and get approved for a home loan—you need to qualify for a mortgage, which requires some careful planning.…
Fannie & Freddie Raise Conforming Loan Limits

Fannie & Freddie Raise Conforming Loan Limits
Posted Tuesday November 27, 2018 in Mortgage

After not increasing the maximum conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac for 10 years, the Federal Housing Finance Agency has now increased the conforming loan limit for the third straight year. The FHFA announced Tuesday that it is increasing the conforming loan limit for Fannie and Freddie…
How Much Home Can I Qualify For?

How Much Home Can I Qualify For?
Posted Monday November 26, 2018 in Mortgage, Real Estate

Most new home buyers in South Florida are caught in a weird spot when they decide to buy a home. They want to know what kind of houses they could buy, but need to know, “How much mortgage can I qualify for?” Fortunately, there’s an easy way to get a ballpark figure so you can start…
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    Michael Macias

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