Here in south Florida I have noticed an increase in the amount of homes that are being purchased with cash.  Why?  Great prices.  Lack of investment options with significant ROI.  But here’s a thought.  With home prices as good as they have been in over a decade, why not buy two?  The thought process being, buy the primary with financing and buy the investment property for cash.  This way you get the tax benefit of having the interest deduction on the primary and the depreciation on the second home along with cash flow on the investment property.  It is a win-win situation.

Expectations

I expect interest rates should remain low as the FED is working very hard to keep it this way.  Therefore, property values should go up over time.  What I am suggesting is to not miss the opportunity that is out there in a market that has been seriously hurt by foreclosures and short sales.  Ad for those who cannot buy with cash, don’t miss out on a chance for record low interest rates and fabulous prices on homes.  Talk to a realtor today to see what is available, and become a home owner.

Adam Granger is a Home Mortgage Consultant with HomeServices Lending, LLC., an Affiliate of Wells Fargo Home Mortgage.  He is a frequent commentator at RealEstateOnTap and can be reached at 954-306-7218 or by emailing him here.

Many homeowners are taking advantage of refinancing. Rates are so low that not only are they looking to lower the rate, but in addition, they are reducing the term. And often they are doing this with little or no increase to the payment. This type of behavior puts many people in a position to own the home sooner and plan for retirement.  Do not miss out on this great opportunity to reduce your rate and your term with rates at historic lows.

Adam Granger is a Home Mortgage Consultant with HomeServices Lending, LLC., an Affiliate of Wells Fargo Home Mortgage.  He is a frequent commentator at RealEstateOnTap and can be reached at 954-306-7218 or by emailing him here.

Adam Granger is a Home Mortgage Consultant with HomeServices Lending, LLC., an Affiliate of Wells Fargo Home Mortgage.  He is a frequent commentator at RealEstateOnTap and can be reached at 954-306-7218 or by emailing him here.

30 Year Fixed vs. 5 – Year ARM

I was doing some research and found out that people do not stay in their homes or the loan that they are in for more than five years!!!!!!  So what does this mean?  It means that people pay far too high a rate of interest!  The difference between a $250,000.00 mortgage on a 30 year fixed and a 5/1 ARM is $12,966.00 savings over 5 years.  Why oh why do people always want to do a 30 year fixed rate loan?  I ask you!

Adam Granger is a Home Mortgage Consultant with HomeServices Lending, LLC., an Affiliate of Wells Fargo Home Mortgage.  He can be reached at 954-306-7218 or by emailing him here.

Why is this happening?  The answer is fairly simple … two reasons … first, it is the summer and summer is the time people tend to make new home purchases!  The second is more interesting and the oooohhhh wow piece to the puzzle … shadow inventory.  Now what does that mean?  The banks are just not putting all the homes that they have for sale up for sale!  This way, prices go up and the banks inventory potentially will have a value.  And this will not stop for a while, not until the housing market becomes more stable.  And this time frame varies from professional to professional … some say two years some say as long as five years … whatever you believe it seems like we have a ways to go!

Adam Granger is a Home Mortgage Consultant with HomeServices Lending, LLC., an Affiliate of Wells Fargo Home Mortgage.  He can be reached at 954-306-7218 or by emailing him here.

There are ratings for everything and banks are no exception.  We have seen unprecedented issues over the past 5 years as it relates to the unwinding of banks and the sheer unwillingness to lend at any cost due to theories of unknown risk.  So why publish quarterly ratings of community banks on a real estate site?

How This May Affect You

Suppose you have a mortgage with a local bank.  And suppose you are contemplating a sale of your home, a short sale at that.  Do you think a bank with limited resources or with dwindling assets is going to help facilitate the sale?  Not a chance.  Even if they want to, their by-laws and board members would prohibit it, even if it made financial sense.  Banks consist of many moving parts and their financial health will mean everything to you if in fact you need them to make a decision concerning a waiver of deficiency, etc.

Banking Relationships

Now is not the time to bank by geographic convenience or based upon a few local perks that the neighborhood bank may provide.  Strength, sustainability and a record that shows an ability to weather crisis is what you want in your financial institution.  Do your homework.  You work hard enough for your money.  Banks are doing no one any favors with the paltry interest they are paying on deposits.  The least they can do is assure you that your money is safe and that your situation is something that will be safeguarded and protected.

If you have any questions or comments about short sales and the recent trends, feel free to leave a comment below or contact me.

ICON BRICKELL, The Luxurious Condominium Master Piece by Philippe Starck now offers great opportunity to buyers. Both Tower I and Tower II are Fannie Mae approved.

- US clientele now has the opportunity to buy with conventional financing up to 80% & up to 95% for well-qualified buyers.

David Betancourt and his team would be glad to assist you with any information regarding this project or any other project in Downtown Miami & Brickell. To arrange a private showing or for information about how we can find you the best deals in Miami-Dade. please contact us anytime.

Great News For Foreigners!

Instead of tying up all your cash when investing in Real Estate, you now have the option of financing up to 70% of the property value. We can finance all type of residential properties including high rise condos, town homes, condo-hotels and single family. Also, we can finance up to 2 properties per investor and title of property can be under a corporation name.

Minimums and Maximums

Minimum loan amount is 100K and there is no maximum. We go up to $2Mill plus.

Qualifications

To qualify is easier than ever, all we need is an accountant letter from country of origin referencing income for the past 2 years and current, 1 banking credit reference with a 24 month history, current visa and passport and if all funds for the purchase are in a US bank account, no questions asked.

An award-winning mortgage banker, Andres has consistently proven to be one of the best in the industry. Contact Andres today at 786.556.1115 or via email to receive the personalized service you deserve and the home financing solutions you need!

90 Day Reprieve

We’ve passed the June 30 deadline for extending the tax credit deadline, but finally the U.S. Congress approved a bill extending the closing deadline for home buyers trying to take advantage of tax credits ($8k for first timers and $6,500 for primary residences).

Must Have Been Under Contract By April 30, 2010

Home buyers with contracts signed by April 30 who failed to go to closing by the June 30 deadline will now have until September 30 to complete their purchases, assuming that the President signs it.

Just wanted to clarify in regards to the extension of the tax credit. it is not officially approved yet but it looks promising. Yesterday the U.S. House of Representatives overwhelmingly approved an extension to 9/30. Of course, however, the Senate must still approve the measure before President Barack Obama can sign it into law. Of course thousands of settlements may not be completed by Wednesday because settlement offices are slammed with buyers trying to close on transactions by the end of this month in order to receive the funds.

Lets hope the Senate makes a wise decision. I will keep you all posted.

JUST IN – Of  DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)–The Senate Wednesday approved more time for homebuyers seeking to claim a federal tax credit, but tabled a six-month extension of jobless benefits.

The homebuyer measure would help only those that entered into binding contracts before April 30. It would give such homebuyers until Sept. 30 to close the sale. Under current law, they would have had to close by today to be eligible for tax credits.

It passed the Senate by unanimous voice vote. President Barack Obama is expected to sign the homebuyer measure, which the House passed earlier this week.

An award-winning mortgage banker, Andres has consistently proven to be one of the best in the industry. Contact Andres today at 786.556.1115 or via email to receive the personalized service you deserve and the home financing solutions you need!