Mortgage Lending

Mortgage Services for Miami Area

Preferred Mortgage Lenders

Preferred Mortgage Lenders

Here are few of the Mortgage Lenders that we have worked with or are working with. We and our customers have found them to be responsive and very helpful. They are also very knowledgeable about the industry and changes that occur in the local real estate and mortgage market.  They stay on top of what is occurring in the local area and know what is needed to get you approved. You are welcome to contact them and discuss your specific needs and what ever you are trying to accomplish. Please let them know that you have found their info on condos and homes Miami website.

Disclaimer: We are not endorsing any of the above mortgage lenders nor are we financially benefiting from any transactions that occur if you decide to use their services. You as a customer are not required to use their services and can choose your own lender.

Our mortgage brokerage firms offer many financing solution to our customers based on their specific financial and goal oriented needs. Being a mortgage broker we work with multiple lending institutions to find a program that suits your specific needs. Unlike local big banks we shop the best option available to suit your need and offer many programs to both local and international buyers. Give us a call and let us help you with your next purchase financing.

With years experience in the mortgage industry, we pride myself in delivering efficient and stress free financing to both investors and first time home buyers. Building a great relationship with my clients is of utmost importance. We strive to educate our clients and guide them to make the best financial decision that suits their needs. Whether we are helping you buy your first home or investment property you can be sure that there will never be any surprise lender fees or charges. Keeping you updated on the progression of the loan throughout the process and guiding on the path to real estate success with advice about insurance, appraisals, inspections, and your credit.

Summary of Loan Programs :
1. Conventional — 620 Score and 20% down; 700 score and 3% down
2. FHA — 580 score 3.5% down; if between 579-550 score then 10% down FHA
3. USDA — 620 score and 0% down
4. Veterans /VA — 500 score
5. NO DOCS loans — 40% down, interest 12% yr. NO appraisal, Fund in 5 days.
6. Jumbo Loan: 700 fico minimum, 10% down. No PMI, fixed and ARM !
7. 24 months Bank statement Loans; Business or Personal, no Tax returns needed !
8. Condos:10% down, Limited review; 5%down, full review.
I have approved condo list (call for condo Approval)
9. Shortsales / Foreclosures, purchase with 20% down.**
10. FOREIGN NATIONALS – 35% down, 5.5% interest 15yr fixed or 7/1 ARM
11. Non-permanent resident filing 1040NR. 5%down 30yr fixed 4.5% interest
12. COMMERCIAL LOANS (call me with scenario)

If there is a program not listed feel free to inquire.
Feel free to contact at anytime by phone, text, or email. I respond within minutes.

Mortgage Services Offered

Mortgage Brokers and Services

At Condosandhomesmiami.com our goal is simple; we want to help people buy the house of their dream. That does not mean that we want our buyers to get over their head in financing for a property that they may not be able to afford. If anything it is the opposite we want you to enjoy your house or condo and feel comfortable with the costs.

Miami Florida and the surrounding area is a different market compared to the rest of the country. Nowhere else is there such a concentration

Hallandale Beach Condos

Hallandale Beach Condos on the Intracoastal

of condominiums and townhomes as in Florida. But that is not all, some condos are coops, some are condo associations, some are 55+ only. Then you have townhomes, here you have some that are condo associations and others that are home owners associations.

The point is, it takes a mortgage company or a bank that knows the local market and is able to offer buyer the best option for their situation and their needs and goals. One size does not fit all in this case. You need a mortgage service provider that is knowledgeable of the local market, a lender that will ask all the right questions upfront not at the end and will make the deal come through.

Listed below are a few of the lenders that we have worked with in the past. We do not endorse any of them but have had good results with them and our customers have been satisfied with their service and what they have provided and their quality of work and ethics. Please feel free to call each one and do your own interview so that you feel as comfortable with them as we do, and you should.

If it happens that you have some one that is better or you feel more comfortable with that is fine as well. We will work with your lender as well, that is not a problem. Our goal is to help you close the deal of you dream.

Loan Types to Consider

Brush up on these mortgage basics to help you determine the loan that will best suit your needs.

Mortgage terms

Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term the lower the monthly payment. However, you pay more interest overall if you borrow for a longer term.

Fixed or adjustable interest rates

A fixed rate allows you to lock in a low rate as long as you hold the mortgage and, in general, is usually a good choice if interest rates are low. An adjustable-rate mortgage is designed so that your loan’s interest rate will rise as market interest rates increase. ARM usually offer a lower rate in the first years of the mortgage. ARM (adjustable rate mortgage) also usually have a limit as to how much the interest rate can be increased and how frequently they can be raised. These types of mortgages are a good choice when fixed interest rates are high or when you expect your income to grow significantly in the coming years.

Balloon mortgages

These mortgages offer very low interest rates for a short period of time — often three to seven years. Payments usually cover only the interest so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.

Government-backed loans

These loans are sponsored by agencies such as the Federal Housing Administration or the Department of Veterans Affairs and offer special terms, including lower down payments or reduced interest rates to qualified buyers.

Types of Mortgages

Know the Risks and the Rewards of Mortgages

In the up housing markets, where prices seem to be going up daily it can be difficult to afford a home. For this reason some of home buyers are staying away from traditional fixed-rate mortgages and standard adjustable-rate mortgages and opting for a specialty mortgage that lets them “stretch” their income so they can qualify for a larger loan.

But before you run out and choose one of these mortgages, make sure you understand the risks and how they work. Buyer beware, these

Bay Harbor luxury waterfront homes.

Bay Harbor waterfront homes for sale

mortgages often start at low introductory interest rate or payment plan — a “teaser”— but the monthly mortgage payments are likely to increase a lot in the future. Some are “low documentation” mortgages that come with easier standards for qualifying, but also higher interest rates or higher fees and potentially some points. Some lenders will loan you 100 percent or more of the home’s value, but these mortgages can present a big financial risk if the value of the house drops.

About Specialty Mortgages

These mortgages pose a risk that you won’t be able to afford the payment in the future, compared to fixed rate mortgages and traditional adjustable rate mortgages. Your monthly payments may increase by as much as 50 percent or more when the introductory period ends.
Cause your loan balance (the amount you still owe) to get larger each month instead of smaller.

Specialty Mortgages Types

Interest-Only Mortgages:

Your monthly mortgage payment only covers the interest you owe on the loan for the first 5 to 10 years of the loan, and you pay nothing to reduce the total amount you borrowed (this is called the “principal”). After the interest-only period, you start paying higher monthly payments that cover both the interest and principal that must be repaid over the remaining term of the loan.

Negative Amortization Mortgages:

Your monthly payment is less than the amount of interest you owe on the loan. The unpaid interest gets added to the loan’s principal amount, causing the total amount you owe to increase each month instead of getting smaller.

Option Payment ARM Mortgages:

You have the option to make different types of monthly payments with this mortgage. For example, you may make a minimum payment that is less than the amount needed to cover the interest and increases the total amount of your loan; an interest-only payment, or payments calculated to pay off the loan over either 30 years or 15 years.

40-Year Mortgages:

You pay off your loan over 40 years, instead of the usual 30 years. While this reduces your monthly payment and helps you qualify to buy a home, you pay off the balance of your loan much more slowly and end up paying much more interest.

Questions to Consider Before Choosing a Specialty Mortgage

How much can my monthly payments increase and how soon can these increases happen?
Do I expect my income to increase or do I expect to move before my payments go up?
Will I be able to afford the mortgage when the payments increase?
Am I paying down my loan balance each month, or is it staying the same or even increasing?
Will I have to pay a penalty if I refinance my mortgage or sell my house?
What is my goal in buying this property? Am I considering a riskier mortgage to buy a more expensive house than I can realistically afford?

Be sure you work with a REALTOR® and lender who can discuss different options and address your questions and concerns!