With 21 years of experience, Carla Bevilacqua believes it's her job to inspire people who aspire to own a home
Carla Bevilacqua is a seasoned mortgage broker at Equity Express Mortgage. She provided us with valuable insights into the evolving market of the mortgage industry, particularly in the wake of and following the COVID-19 pandemic. As the real estate market continues to witness increasingly high prices and limited inventory, she shed light on the challenges and opportunities faced by purchasers and refinancers.
Carla Bevilacqua on the purchasing and refinancing scenario
Carla Bevilacqua is a loan officer at Coral Gables' Equity Express Mortgage company. She has been serving as a mortgage broker for 21 years and shared how the pandemic affected the mortgage and real estate market.
Bevilacqua highlighted the major changes that occurred following the pandemic, particularly with regard to interest rates and purchasing power. The period following the pandemic witnessed historically low-interest rates, which allowed many buyers to offset higher home prices. She also highlighted the allure of homeownership, which has become even stronger as rental rates skyrocketed, prompting individuals to explore the possibility of owning their own homes.
She acknowledged the current market dynamics when we asked her to confirm whether post-Covid is a seller's market. Bevilacqua confirmed that it is, after all, a seller's market due to scarce inventory. Though it may not necessarily be a bidding war, she mentioned that potential buyers now face slim pickings. Again, it depends on their specific price ranges. Despite rising rents, she noted that people often underestimate the true costs associated with owning a home. She pointed out unforeseen costs such as repair and maintenance expenses or counting reassessing properties to increase property taxes and insurance rates doubling. There's a dissociation from the reality of what owning a home is really going to cost buyers.
Programs in favor of refinancers and buyers
Bevilacqua outlined various programs designed to alleviate the initial costs associated with purchasing or refinancing a home when asked about programs in favor of buyers and refinancers. For refinancers, those who already have a low rate on their first mortgage can choose a second mortgage or a line of credit to access additional funds at a lower interest rate. This approach allows them to maintain the attractive terms of their current mortgage while benefiting from the equity in their homes.
As for purchasers, she explained that locking in a fixed set of expenses and the perception of building equity over time are significantly in their favor. However, she pressed that the immediate benefits may not outweigh the unforeseen costs that come with homeownership. She suggested that purchaser must carefully weigh their financial situation, understanding that the true benefits may materialize in the future.
Regarding documentation requirements, she highlighted the existence of both traditional and alternative programs. No-documentation loans are available for buyers who can provide a higher down payment, while fully documented loans allow for a lower down payment. Additionally, programs such as bank statement loans and profit and loss loans offer flexibility by using bank statements or profit and loss statements to verify income instead of relying solely on tax returns.
What sets Equity Express Mortgage apart
Bevilacqua emphasized the benefit of working with loan officers and mortgage brokers at Equity Express Mortgage. She described various programs and products that clients can have access to while working with them. She and other fellow brokers assess individual needs to determine what best works for a client and which bank offers those solutions.
Acting as an intermediary between clients and banks, she mentioned that instead of going from one bank to another, we help clients navigate the complex mortgage landscape, ensuring a seamless and tailored experience for each borrower.
What the Florida community should know
Bevilacqua concluded by emphasizing the intangible rewards of homeownership. Having one's own space provides a sense of pride and belonging that is often absent in rental arrangements. Many people aspire to own four walls, and she believes they can inspire and encourage individuals to strive for homeownership, recognizing it as a significant milestone that offers both financial stability and personal fulfillment.
In a dynamic market, Carla Bevilacqua's experience and expertise shine through, offering guidance and solutions to those navigating the complexities of the mortgage landscape. With her insights and dedication, potential buyers and refinancers can confidently embark on their homeownership journeys, armed with knowledge and a trusted partner to guide them every step of the way. If you have any questions and would like to speak to Carla directly you can reach her at 305-445-7759 located at Equity Express Mortgage located at 3850 Bird Rd, Ste 403 Miami, FL 33146.
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