Jumbo Financing, what interest rates, costs and fees look like and the effect of the International Market on Tampa Bay's Real Estate

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Andrew Duncan, Tampa Bay's #1 Realtor and Real Estate expert with David Diaz from Waterstone Mortgage talk about Jumbo Financing, what interest rates, costs and fees look like and the effect of the International Market on Tampa Bay's Real Estate.

Andrew starts off by asking David what the Jumbo Loans look like right now if you're looking to buy a home that's $900,000 and up - what will the payment going to look like, how much the downpayment will be, etc.

David explains that Jumbo market right now is comparable if not exactly the same as normal market which is uncommon because in previous years, it was 3/4 point higher. The jumbo market now is showing favorable interest rates. The same process is followed just like you would with a normal mortgage. Everything has to be documented. The important thing to note is that you don't have to have the 20% down.

David continues to talk about interest rates the previous week. Fed Chairman Janet Yellen said in previous meetings that interest rates will remain low in the "foreseeable future" which calmed the markets but now she said that they are considering to raise the rates by meeting-by-meeting basis which implies that sometime this year, they will probably hike up the interest rates which has a direct correlation to mortgage interest rates.

Andrew adds that there has been a lot of events happening internationally that will affect the Real Estate market and financial market. In his opinion, prices and interest rates will be up in one year though it will still vary from neighborhood to neighborhood and price points.

There are a lot of people who have been thinking about selling  their property in the last couple of years but waited or didn't because they didn't get enough value. If you are one of these people, go to www.tampabayvalue.com to get your free home value estimate and a market snapshot of what's going on in your neighborhood. A lot of people are still stuck in the same thinking that they can't sell because the value isn't there yet but Andrew says that the values have risen considerably over the years and may be enough to get the values where they need it to be.

The government lowered the rates before because of the economy struggle and now that all the metrics show that the economy has improved or is still improving, at some point, they need to do what's right again.

For more Tampa Bay Real Estate news and advice, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

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