All posts in Uncategorized

Fort Lauderdale Mortgage Interest Rates Update: July 29, 2011

by Justin Miller on July 31, 2011 in Interest Rates, Uncategorized with 1 Comment

Mortgage-backed securities, which move interest rates, improved on Friday as traders moved into to bonds which are a much safer trade ahead of a resolution to the debt ceiling which is good for rates.  Interest rates paying NO Points in Fort Lauderdale and South Florida are as follows today on a $250,000 purchase price, 740 credit score, 25 day lock period, primary residence, single family detached home, with escrows are:

  • 4.5% on a 30 year Conforming fixed rate mortgage with 20% down (APR 4.721%)
  • 3.75% on a 15 Year Conforming Fixed rate mortgage with 20% down (APR 3.980%)
  • 4.375% on a  30 year FHA fixed rate mortgage with 3.5% down (APR 5.265%)

Contact me for interest rates on Jumbo Mortgages and Adjustable Rate Mortgages (ARMs) in Fort Lauderdale and South Florida.  Rates are subject to change without notice.

South Florida Housing Inventory

by Justin Miller on May 25, 2011 in Uncategorized with No comments

Compiled by Condo Vultures Realty using the South Florida Shared Multiple Listing Service. Active listings are properties where no current sale contract exists; pending sales are properties in which a contract for sale has been executed, but not yet closed. Listing brokers control the status of a property listing.

Hello world!

by Justin Miller on May 25, 2011 in Uncategorized with No comments

Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!

South Florida Residential Inventory

by Justin Miller on April 19, 2011 in Uncategorized with No comments


Compiled by Condo Vultures Realty using the South Florida Shared Multiple Listing Service. Active listings are properties where no current sale contract exists; pending sales are properties in which a contract for sale has been executed, but not yet closed. Listing brokers control the status of a property listing.

When Owning A Home Doesn’t Pay

by Justin Miller on February 1, 2010 in Uncategorized with No comments

As I have said time and time again, not everyone should own a home.  Many feel that because they pay $1,000 per month in rent and the payment for owning a home would be the same that they should buy.  That isn’t correct.  Owning a home is a lifestyle. 

“When interest expense is taken into account with the costs of maintenance, property taxes, natural disaster insurance, PMI insurance, closing costs and brokerage fees, it becomes evident that the costs of owning a home are a heavy financial burden.”

Make sure to always consult a mortgage professional before buying.  I personally think that not enough people do their research ahead of time.  If you are thinking of buying in the next year or so you should get pre-approved now.  This will help you to plan accordingly and see what you need to do to put yourself in the best position when it comes to buying a home. 

The article below is very informative but the part that really stuck out to me was about using the different household income multipliers.  The median income for Broward, Palm Beach, and Miami-Dade County is $59,200.  And let’s say rates are at 5.125% today.  You would take the multiplier from the chart, 4.2733, times the median income of $59,200 which would give us a median home price of $252,979.36.  The median price should not exceed this.  According to the National Association of Realtors the median sales price in the 3rd quarter of 2009 was at $217,000.  Pretty cools isn’t it?

http://finance.yahoo.com/real-estate/article/108679/when-owning-your-own-home-doesnt-pay?mod=realestate-buy

Low rates didn’t cause bubble, Bernanke says- Marketwatch

by Justin Miller on January 3, 2010 in Uncategorized with No comments

 http://ping.fm/8J1V8

Less Borrowers Are Underwater

by Justin Miller on November 10, 2009 in Uncategorized with No comments

That’s good news because that means home prices are stabilizing.  CNN reported that just 21% of single family homes are underwater compared to 23% at the end of the 2nd quarter.  You will notice that it states single family homes and not condos.  I would like to know what the percentage is taking into account all property types. 

It’s amazing how they play around with numbers and if you only hear what you want to hear you can end up being misled.  I am only making a point and not trying to take away from this good news.

The bigger problem to figure out is the large amount of foreclosures and pending foreclosures along with how that added supply will affect the market. 

http://money.cnn.com/2009/11/06/real_estate/underwater_mortgages_decrease/index.htm?section=money_realestate

Tax Credit Passes The Senate

by Justin Miller on November 4, 2009 in Uncategorized with No comments

And now it’s on to the House.  The final vote should come on Friday and it appears as though it will pass.  Lawmakers voted 85 to 2 on Monday night in favor of it.  President Obama would then have to sign it next week.

It does look like it will include the credit for those that have owned a home for 5 years in the past 8 years for up to $6500 and would increase the income limits from $75,000 if you are single to $125,000 and from $150,000 to $250,000 for married couples.

According to Reuters “The tax credit would apply for homes under contract by the end of April, although buyers would have until the end of June to close on the purchase.”

http://news.yahoo.com/s/nm/20091103/pl_nm/us_usa_congress_hoyer_housing 

Foreclosures & Hurricanes

by Justin Miller on May 31, 2009 in Uncategorized with No comments

Wow, I never thought about this one.  “Unoccupied, these homes would be defenseless in a storm; there will be no one to put up shutters, batten down garage doors and otherwise secure homes. But that’s not all. Nearby homes and their residents would also be at risk from wind-propelled debris.”

http://www.msnbc.msn.com/id/31028639/