Luxury Miami Real Estate

Hello and Welcome to Miami!

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550 South Dixie Highway

Coral Gables, FL 33146

Cell: 305-798-8685

Office: 305-960-5330

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Mortgage Interest Rates Roller Coaster

Interest Rate graph

It seems that the topic du jour in real estate is rising interest rates for mortgages. Interest rates spiked in the past couple weeks putting buyers in a frenzy. With interest rates having been this low for so long, the increase was inevitable but buyers are on edge because of it. If you are buying a house and you haven’t locked in your rate, now is the time to do so. The chart above reflects what the interest rates have done in the past 4 months. You will see that they are higher today than they have been in all of this time. However compared to a year ago, rates are still significantly lower than they were, and basically the lowest they’ve been in 20 years. We don’t know what tomorrow may bring, but rates have been on the rise in the past month and the projections are that they will continue rising!

Reproduced with the permission of Mortgage-X.com

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An Update on Interest Rates

Piggy Bank

People ask all the time how interest rates are doing, so I thought I’d give a brief update on them this week. Interest rates have been at all time lows in the past year, dipping as low as 3.875% on a 30-year fixed loan. Historically, jumbo loans (anything greater than $417,000) have higher interest rates than conventional loans, but rates for jumbos and conventionals have been fairly comparable recently. As the market has stabilized, it seems more and more lenders now have better Jumbo products and rates to offer. Interest rates started to rise slightly this year hovering around 4.5% for a while, but are back down, so we have been in the 4% range pretty consistently on conventional loans for the past year. Rates are always a little higher on a 30-year-fixed product than on an Adjustable Rate Mortgage (ARM), where rates have been as low as 3%! Now is the time to take advantage of these low interest rates!

Interested in real estate in Miami? My areas of specialty are Coral Gables, Coconut Grove, Pinecrest, Ponce-Davis, South Miami and waterfront properties. Feel free to call or email me today. Let me and my team help you in your search!

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Banking on a Closing in South Florida

Banks

Last year we were much more successful in closing deals involving mortgages than we’ve been in the past– the banks have let up a little on their strict 2010 policies! Loans are being approved again, appraisals are coming in and banks are loosening up. However, it’s important for buyers to know what guidelines your bank follows ahead of time to make sure you meet their criteria, because all banks don’t work for all buyers. We recently had a VERY qualified buyer who didn’t “fit in the box” of a particular bank they chose because of the bank’s strict guidelines. Late in the process we discovered they were declined! Knowing their situation, a local bank got involved that had different guidelines perfectly suited for these buyers. The deal was put together in a matter of days and they now own the house! BUYERS: Do your homework and feel free to call me for financing advice!

Interested in real estate in Miami? My areas of specialty are Coral Gables, Coconut Grove, Pinecrest, Ponce-Davis, South Miami and waterfront properties. Feel free to call or email me today. Let me and my team help you in your search!

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