The economy is constantly moving and the right answer to this question is THE ANSWER OF THE MOMENT. It is based on the CURRENT economy and real estate market. 

As you probably know, the Mortgage Interest Rate has hit a new low at 3.44% for the fixed 30 years! For a 15 years Mortgage, it’s even better at 2.69%!!
And for you that want to buy a big property with little cash down, the 30 years Jumbo (over $417,000 loan) has a rate at 4.20%.

Those numbers can speak even louder if you compare them to 10 years ago: 6.68% for 30 years fixed (July 2006)

THE RATES ARE ON YOUR SIDE TO BUY!!

What about the Rental Market?
On a national level, it’s cheaper to own a home than it is to rent one in 42 states, with renting more affordable in only eight states and the District of Columbia.
Florida is actually in the top 20 of the states where it’s better to own.

Here is THE BIG NUMBER: $398 a month!!!
Over a year, an owner can save $4,776 compare to a tenant. These numbers include property taxes too.

That could gives you some great ideas for a beautiful destination.. 😉

Right now, purchasing looks like the best option:
Cash Deals will help you negotiating the best deal possible and it will reduce your closing costs by a lot.
Financing over 30 years will gives you the comfort to pay very little interest and will allow you to afford a nicer and bigger home!!

PS: If you live in Hawaii, you should definitely rent. The difference between renting and owning is estimated at $515 a month. Ouchhhhh if you are an owner…

QUICK UPDATE OUR LOCAL MARKET: The Kolter Group is finishing the first batch of three-story town-homes in a new gated development in Boca Raton.The 30 units at Moderne Boca will be ready by late August, and the developer hopes to have 15 to 20 contracts in place by then. Kolter plans to start sales of the remaining 45 units in the fall, with the entire project due to be complete by the end of 2017.The two- and three-bedroom town-homes range from 2,128 to 2,794 square feet, and prices range from $589,000 to $849,000. The community, which will include a swimming pool and fitness center, is at Spanish River Boulevard and Military Trail.”It’s within 5 miles of just an unbelievable amount of amenities – restaurants, shopping, the beach and Mizner Park.
Also, The Ocean Breeze Golf Club, a 27-hole course at 5801 NW Second Ave., is now closed (July 1st) and is under contract to be sold to a subsidiary of home-building giant Lennar Corp. Lennar is planning to build homes across the entire property.

Here is something that comes up very often with my customers… The mandatory 20% down payment!!! It is still anchored in the people minds. HOWEVER, it is not a requirement anymore. Banks are now offering many options for buyers. The 3% down-payment is getting more and more accessible to buyers.. as well as only 8 to 12% depending on the customers…

FHA used to be the way to get a loan with little down-payment. NO MORE!
Banks are now offering their own “low down-payment” mortgages to appeal to home shoppers struggling to save enough to buy a home. For instance, Wells Fargo made headlines when it debuted its 3 percent down payment loan very recently.

JPMorgan Chase also announced its new option. It’s called the “Standard Agency 97%” program, a 3 percent down payment loan geared for first-time home buyers and requires a FICO score of 680. Chase also has a loan program called “DreaMaker Mortgage,” whichoffers a 5 percent down payment – 3 percent of which can come from the borrower as well as flexible funding options for closing costs and reduced mortgage insurance requirements.

Other banks have recently announced their low down payment offerings. Earlier this year, Bank of America began offering a 3 percent down payment loan, with a minimum of 660 credit score, that did not involve the Federal Housing Administration and does not require mortgage insurance.

Conclusion: For loans below the “JUMBO” amount of $417,000 , Banks have now created several options. They have taken all the complexity of the home mortgage lending process and made it easy for consumers.

QUICK UPDATE ON THE MARKET:  The Atlantic hurricane season is underway with two named storms already in the books, are you ready for it?
Despite the positive rebound of the financial market over the past few months, our real estate market activity didn’t show a major increase of activity. On a yearly basis, from April 2015, we see a 3.8% increase on the average sale price and a 7% shorter time on the market.