The Truth About Credit Scores and Buying a Home

Written by Miami Condo Financing Syndicated User on January 15, 2025. Posted in Buying Tips, For Buyers, Miami Condo Financing, Miami Condo Mortgages.

Your credit score plays a big role in the homebuying process. It’s one of the key factors lenders look at to determine which loan options you qualify for and what your terms might be. But there’s a myth about credit scores that may be holding some buyers back.The Myth: You Need To Have Perfect CreditAccording to Fannie Mae, only 32% of potential homebuyers have a good idea of what credit score lenders actually require. That means two-thirds of buyers don’t actually know what lenders are looking for – and most overestimate the minimum credit score needed.The Reality: Perfect Isn’t NecessaryBut...

How Much Home Equity Have You Gained? The Answer Might Surprise You

Written by Miami Condo Financing Syndicated User on January 14, 2025. Posted in Equity, Home Prices, Miami Condo Financing, Miami Condo Mortgages.

Have you ever stopped to think about how much wealth you’ve built up just from being a homeowner? As home values rise, so does your net worth. And, if you’ve been in your house for a few years (or longer), there’s a good chance you’re sitting on a pile of equity — maybe even more than you realize.What Is Home Equity?Home equity is the difference between what your house is worth and what you owe on your mortgage. For example, if your house is worth $500,000 and you still owe $200,000 on your home loan, you have $300,000 in equity. It’s essentially the wealth you’ve built through homeownership....

The Ritz-Carlton Residences South Beach Unveils New Interior Renderings

Written by Miami Condo Financing Syndicated User on January 12, 2025. Posted in Miami Condo Financing, Miami Condo Mortgages, Neighborhoods, New Construction, Renderings, Ritz Carlton Residences South Beach, South Beach Luxury Condos, South Beach Waterfront Condos.

Yesterday, we covered the stunning new renderings of the amenities at The Ritz-Carlton Residences South Beach and their contribution to preserving Morris Lapidus’ architectural legacy in Miami Beach, so today let’s delve into what the future owners of the condo units can expect from their new homes. In the 15-story tower that will be constructed over the existing Ritz-Carlton South Beach Hotel and also incorporating the historic Sagamore Hotel, there will be a total of 30 residences. The layouts range from a 1-bedroom plan with 1,197 interior square feet and a 385 square foot terrace all the...

How Mortgage Rates Affect Your Monthly Payment

Written by Miami Condo Financing Syndicated User on January 11, 2025. Posted in Infographics, Miami Condo Financing, Miami Condo Mortgages, Mortgage Rates.

Some HighlightsExperts say rates will come down slightly in the year ahead – but some volatility is expected. So, you shouldn’t try to time the market.Instead, it’s better to focus on how even a small change impacts your future mortgage payment. As rates come down, even a little bit, your monthly payment on your next home will too.Want to see what this looks like at a different price point? Connect with an agent or lender.

The Ritz-Carlton Residences South Beach Releases Stunning New Renderings And Brochure

Written by Miami Condo Financing Syndicated User on January 10, 2025. Posted in Luxury Condos, Miami Condo Financing, Miami Condo Mortgages, New Construction, Renderings, Ritz Carlton Residences South Beach, South Beach Luxury Condos, South Beach Waterfront Condos.

After a year of selling very privately, The Ritz-Carlton Residences South Beach has released stunning new official renderings and a comprehensive sales brochure. With just 30 private oceanfront residences positioned in a glassy 15-story tower, each home in the sky is curated by Studio Munge and designed by Kobi Karp. The project is being designed in a manner that allows direct ocean views from each residence, while simultaneously paying homage to the historic Art Deco architecture of the neighborhood. Rendering of Ritz Carlton South Beach Morris Lapidus-Inspired Valet Entry Utilizing a $4.85...

What To Save for When Buying a Home

Written by Miami Condo Financing Syndicated User on January 10, 2025. Posted in Agent Value, Buying Tips, For Buyers, Miami Condo Financing, Miami Condo Mortgages.

Knowing what to budget for when buying a home may feel intimidating — but it doesn’t have to be. By understanding the costs you may encounter upfront, you can take control of the process.Here are just a few things experts say you should be thinking about as you plan ahead.1. Down PaymentSaving for your down payment is likely top of mind. But how much do you really need? A common misconception is that you have to put down 20% of the purchase price. But that’s not necessarily the case. Unless it’s specified by your loan type or lender, you don’t have to. There are some home loan options that require...

Five Park, The New Tallest Tower In Miami Beach, Is Now Complete

Written by Miami Condo Financing Syndicated User on January 9, 2025. Posted in Five Park Miami Beach, Luxury Condos, Miami Beach Luxury Condos, Miami Condo Financing, Miami Condo Mortgages, Neighborhoods, New Construction, Terra Group Miami Beach.

Five Park, the first new residential tower South Beach has seen in over a decade, opened its’ doors during the 2024 holiday season. A joint venture between David Martin’s Terra Group and GFO Investments, the development has successfully revamped a once blighted area of the neighborhood while also tying it together with the South of Fifth sub-market. Standing 519-feet tall, Five Park is the new tallest building in Miami Beach. This is a record once held by the Blue Diamond and Green Diamond at 47th and Collins, measuring 502 feet each. Five Park Miami Beach Completed Tower Canopy Park at Five...

Mortgage Forbearance: A Helpful Option for Homeowners Facing Challenges

Written by Miami Condo Financing Syndicated User on January 9, 2025. Posted in Agent Value, For Sellers, Foreclosures, Miami Condo Financing, Miami Condo Mortgages, Selling Tips.

Let’s face it – life can throw some curveballs. Whether it’s a job loss, unexpected bills, or a natural disaster, financial struggles can happen to anyone. But here’s the good news. If you’re a homeowner feeling the squeeze, there’s a lifeline that many people don’t realize is still available: mortgage forbearance.What Is Mortgage Forbearance?As Bankrate explains:“Mortgage forbearance is an option that allows borrowers to pause or lower their mortgage payments while dealing with a short-term crisis, such as a job loss, illness or other financial setback . . . When you can’t afford to pay your...

Expert Forecasts for the 2025 Housing Market

Written by Miami Condo Financing Syndicated User on January 8, 2025. Posted in For Buyers, For Sellers, Forecasts, Home Prices, Miami Condo Financing, Miami Condo Mortgages, Mortgage Rates.

Wondering what’s in store for the housing market this year? And more specifically, what it all means for you if you plan to buy or sell a home? The best way to get that information is to lean on the pros.Experts are constantly updating and revising their forecasts, so here’s the latest on two of the biggest factors expected to shape the year ahead: mortgage rates and home prices.Will Mortgage Rates Come Down?Everyone’s keeping an eye on mortgage rates and waiting for them to come down. So, the question is really: how far and how fast? The good news is they’re projected to ease a bit in 2025....

Time in the Market Beats Timing the Market

Written by Miami Condo Financing Syndicated User on January 7, 2025. Posted in Equity, For Buyers, Miami Condo Financing, Miami Condo Mortgages.

Trying to decide whether it makes more sense to buy a home now or wait? There’s a lot to consider, from what’s happening in the market to your changing needs. But generally speaking, aiming to time the market isn’t a good strategy – there are too many factors at play for that to even be possible.That’s why experts usually say time in the market is better than timing the market. In other words, if you want to buy a home and you’re able to make the numbers work, doing it sooner rather than later is usually worth it. Bankrate explains why: “No matter which way the real estate market is leaning,...

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