The Coronado Real Estate Team: Hey Kory! So what advice would you offer a buyer when it comes to starting the lending process?
Kory Kavanewsky : I think the most important piece of advice I would give to a respective home buyer or someone who’s looking to buy a new home, is to first communicate with a lender. Someone who they know or someone who they know they can trust, and learn about what’s going to be required, how much they can qualify for, just do that first before you fall head over heels for a home.
The Coronado Real Estate Team: How does one go about picking a great lender?
Kory Kavanewsky: When it comes to picking a lender I think it’s very important that you talk to people who you know, people who have purchased a home recently or refinanced a home recently, and find about their experience. And consider using someone who you know and trust.
The Coronado Real Estate Team: Can you enlighten us on the difference between the two major types of mortgages?
Kory Kavanewsky: Well when you are comparing adjustable rate mortgages and fixed rate mortgages I think the #1 thing you’ve got to keep in mind upfront is that both can be good depending on your situation. You have to consider how long are you going to be in the home? How long are you going to keep this home loan? Adjustable rate mortgages can be ideal for someone who might plan to be in the home for a short period of time. Or who may have an income change coming up in the near future. If they don’t mind re-financing adjustable rate mortgages can be very good. Fixed rate mortgages can also be ideal. Typically for those looking to keep the house and to keep the loan for an extended period of time. Very common in markets like this one where rates are as low as they are.
The Coronado Real Estate Team: How would you say the mortgage market in Coronado is doing nowadays?
Kory Kavanewsky: Well the mortgage market in Coronado currently is actually quite strong. The jumbo financing is back. Interest rates are quite low, in fact lower than I’ve ever seen them. Lower than they’ve ever been. There’s more programs available for larger loans: less required as far as a down payment, interest rates down beneath 4%, interest only options available, plenty of choices to choose from, so I’m very optimistic about the market here in Coronado.