This continues each year until your payment is approximately equal to the payment at the full note rate. A highly motivated seller is more likely to sell at a price that is less than his or her house is actually worth. Business Profile. El Centro is located about 130 miles west of San Diego that is the 2nd largest city in California. Affordability of Living in Imperial County, CA. One reason these groups like this particular loan is because they consider any deferred interest to be an extended loan at a very attractive rate. " Recently, I needed to not only sell an Imperial Valley single-family residence, but two adjacent vacant lots as well. So if you have an adjustable rate mortgage and you wanted to calculate your interest rate on your own, all you have to do is look up the index in the paper or on the internet, add the margin, and you have your rate. It is a real favorite of those working in the financial industry and those with higher incomes. This allows you to skip the intermediate purchase and move up immediately to the home you really want, which makes more sense and saves you money. 380 N 8th St Ste 15. It is more common to find adjustable rate mortgages tied to different treasury bill indexes, the average interest rate paid on certificates of deposit, the London Inter-Bank Offered Rate (LIBOR), or the 11th District Cost of Funds. Or a loan where you did not have to document your income, savings history, or source of down payment? For example, if your minimum payment is $1000 this year, next year the most it could be is $1075. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. About See All. See actions taken by the people who manage and post content. With our years of experience and large outreach we know how to negotiate for our clients. Most other ARMS have an annual cap of 2% a year. Homes are typically worth $166/sqft. We are full time professionals who are passionate about our clients and their experience from start to finish. How would you like a mortgage loan where you did not have to make the whole payment if you did not want to? This is the really interesting feature of the loan. The lender keeps track of this deferred interest by adding it to the loan and the loan balance gets larger. Most people who get the COFI ARM are purchasing a home between $300,000 and $650,000, but it is not limited to that. Try to go with a local agent. They can better serve your needs because they should be more familiar with the local market conditions, local prices, and what’s hot or not in your community. The minimum payment when you start your loan can be calculated as low as 1.95%. Some possible hints: It is impossible to find the perfect seller. View our Imperial County real estate area information to learn about the weather, local school districts, demographic data, and general information about Imperial County, CA. 512 Broadway St - El Centro, CA 92243 Other loan officers may try to scare you away from adjustable rate mortgages. Imperial Valley Real Estate. Affordability of Living in Imperial, CA. DMA Real Estate is Imperial Valley’s top rated and top producing residential real estate brokerage year after year. If you buy your ideal home now, you save five years of mortgage payments. About El Centro CA: The city of El Centro was founded in 1906 and given the name because of its central location in the Imperial Valley. Many COFI lenders allow Homebuyers with good credit to apply without documenting their income, assets, or source of down payment. DMA Real Estate is Imperial Valley's most innovative real estate team. It even makes sense for some borrowers when rates are low. They have an adjustment period, an index, a margin, and a rate cap. Plus, most experts do not expect a return to the interest rates of the early 1980’s when interest rates were pushed up artificially to combat the inflation of the 1970’s. One choice is the full payment at the current interest rate. Zillow has 626 homes for sale in Imperial County CA. Preston Soto | CA DRE# 01978859 However, once you become aware of all the details of the loan, it is an excellent way to buy the house of your dreams, especially when fixed rates begin to go up. That is thirty-five years of home loans. Website (760) 337-5505. Imperial Valley Real Estate, Brawley, California. Indexes are simply an easily monitored interest rate that moves up and down over time. You can even find Multiple Unit Income and Investment properties. Let's get in touch. Not every seller is as genuinely motivated as they make themselves to be. The roots of the Dahm Team go back to the early beginning history of the Imperial Valley. Welcome to my prestige website for all real estate information and services in our area. The“life-of-loan” cap for the COFI ARM is usually 11.95%. The margin on the COFI ARM typically ranges between 2.25-3%. We are dedicated to changing the real estate industry in the Valley by nurturing a mentality of team … Roben Real Estate is a family-owned brokerage that provides exclusive inventory to the local real estate market. Some change monthly, some change every six months, and some only adjust once a year. Imperial Valley Multi Specialty Medica Group Inc. Medical Clinics (760) 768-0003. Page … See pricing and listing details of Imperial real estate for sale. Anyway, it makes for a quick and easy loan approval. realtors, imperial, county, valley, homes. IMPERIAL VALLEY REAL ESTATE BLOG BY SALVADOR CARRILLO JR OF EXIT IMPERIAL REALTY Finding the Right Seller. Not all agents work the same way. Learn about the Imperial County, CA housing market through trends and averages. We are the most reputable broker in the Imperial Valley. A highly motivated seller is more likely to sell at a price that is less than his or her … Just in case, there are fail-safes built into the loan. Local Business . The payment cap on the loan is 7.5%, which also has nothing to do with the interest rate. Quickly Search Residential, Rental, and Commercial real estate throughout Imperial County. The Imperial Valley is more than just our market. For example, if the sellers are highly motivated because they need to move quickly, give them a fast sale - and a lower price. MLS Login; CAR; NAR SVN Imperial Realty Advisors quickly launch proven marketing strategies PLUS practice Compensated Cooperation, which mobilizes the entire brokerage community far and wide to sell your property. We are dedicated to changing the real estate industry in the Valley by nurturing a mentality of team and family with our clients. Get in touch with an Imperial Valley real estate agent who can help you find the home of your dreams in Imperial Valley. Sound too good to be true? View 49 homes for sale in Imperial, CA at a median listing price of $284,900. You can have all that with the 11th District Cost of Funds (COFI) Adjustable Rate Mortgage. Register now to receive free email listing updates! They truly exceeded all expectations. CalBre # 01134839. Browse Imperial County, CA real estate. Every five years the loan is re-amortized to make sure it pays off within the term of the loan. Nearby Real Estate. In addition, you also want to look for an agent that is honest, assertive, and one that best understands your needs. Find Imperial Valley (harris) Real Estate and Imperial Valley (harris) Homes For Sale.Imperial Valley (harris) in Harris County can be found using Neighborhood Information Finder. Faster and more accurate than Zillow (we're updated every 15 minutes by the official Realtor®’s database) this is the only Imperial Valley area real estate search site you'll ever need! El Centro encompasses most of the Imperial Valley by 11.019 square miles with a … 40 people like this. When given the opportunity to meet with sellers, ask them why they are selling. View and compare the location of multiple properties on our Imperial County Property Map; Ask Imperial Valley realtors for advice on our Ask A Realtor Q&A page If you’re buying a home with the intention of living in it for only a few years before you move up to a bigger home, the COFI ARM makes sense, too. Finally, the third option gives you the choice to pay even less than that and is called the “minimum payment.”. Some COFI lenders offer this same loan but have a slightly higher starting payment and a higher margin. Copyright © 2017, All Rights Reserved, IMPERIAL VALLEY REAL ESTATE BLOG BY SALVADOR CARRILLO JR, https://www.imperialvalleyre.com/-/ListingSearch/results/?di, they stall on having the home appraised or inspected, they are unable to clear up liens against their property, they do not have a replacement property or back up plan. Before entering the Real Estate Industry in 2002, the principal owner's family settled in the Brawley/Westmorland area Learning the reason why can help you get the price you want and help the seller get what they want: a timely sale. With this loan and its low start payment you can often qualify for a larger home than you can when applying for a fixed rate loan. Real Estate Management Real Estate Rental Service Real Estate Agents. BBB Rating: A+. The margin is the difference between your interest rate and the index. Rolling Hills Estates, California 90274 favorite this post Dec 5 Incredible 75 Acre Parcel in Blythe/1940s Byron Airforce Base Neither you nor the lender wants this to continue forever, so your minimum payment increases a bit each year. Search by location, salary, full/part time, commute options, and more. If you buy a home then sell it to move up to a bigger home, you are going to have to pay a REALTOR’S® commissions and closing costs. We are full time professionals who are passionate about our clients and their experience from start to finish. Since the margin plus the index equals your interest rate, the lower margin is an advantage and most people choose the monthly adjustment. All rights reserved. Salvador Carrillo Jr. | 760-562-5003 | Contact Me  Something we also did not mention is that most COFI lenders also give you a fourth option on your monthly mortgage statement, which allows you to pay it off quicker. Smith Kandal has been the leading Insurance and Real Estate Agency in Imperial County, California since 1936, serving thousands of families and businesses with their insurance and real estate needs. Information is deemed reliable but is not guaranteed accurate by the MLS or DMA Real Estate. Welcome to Marina Krum, Real Estate Service, CalBre # 01434903 under Rubio Realty & Assoc. 801 E Birch St. Calexico, CA 92231. If it serves their tax interests, they can make a lump sum payment toward any interest that has been deferred and deduct it for tax purposes. So, when rates start going up this is an attractive alternative to a fixed rate mortgage. Imperial Valley Real Estate Photography is a Imperial County, FAA Part-107 approved and Insured media provider that delivers a … Depending on your loan amount, that can be a lot of cash. It’s our home. It also lags behind actual changes in the interest rate market. The margin does not change during the term of the loan. Posted on November 30, 2020 - 05:00 AM by Salvador Carrillo Jr. Through every kind of market, we have prospered. Imperial county CA Real Estate. Ray Roben, broker-owner, is a fourth generation native, who cares about the future and positive growth here in the Imperial Valley. Facebook is showing information to help you better understand the purpose of a Page. 327 likes. For example, when rates begin to go up, the COFI index may continue to decline for a couple of months before it also begins to rise. Welcome to RobenRealEstate.com, your one-stop source for Imperial county, CA real estate. 1.6 % change to a fixed rate mortgage of San Diego that is honest, assertive, Commercial! Most people choose the monthly adjustment is one who is highly motivated neither you nor the lender wants this continue... You buy your ideal home now imperial valley real estate you save that money they make. A real favorite of those working in the Imperial Valley real estate team loan and the loan the! 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