With Financing Know-How, Hispanics Can Beat the Odds" and Increase Homeownership
Hispanics looking to buy into the American dream of home ownership are learning how to get the best mortgage at the best price. And though its a sellers market, with the right information, people are buying the home they've always wanted. When consumers have questions, Bernice Gomez, president of Harvest Home Mortgage Source, has the answers.
Orlando, FL (PRWEB) July 4, 2005 -- Purchasing a home can be a stressful and frustrating event-even in a buyers market. And with real estate prices climbing, buyers may feel that their dreams of home ownership are slipping away. Not so, says Bernice Gomez, founder and owner of Harvest Home Mortgage Source, an Orlando mortgage company specializing in the Hispanic market. With a variety of financing options available, the dream of owning a home can become a reality with a bit of knowledge, savvy and mortgage know-how," said Gomez.
Whether a first-time home purchaser or seeking investment opportunities, Hispanics, on average, are against the odds. According to the 2004 census only 47 percent of Hispanics in the United States have home ownership, next to African Americans at 49 percent and Caucasian/non-Hispanic at 76 percent. What does that mean for folks in Orange County? The countys 2003 estimate showed that 18.8 percent of the population was Hispanic, making homeownership estimated at less than 9 percent. Experts say it is not discrimination against Hispanics; its simply a lack of information and experience in the home purchasing arena. Case in point, according to the Homeownership Potential for Mexican-Heritage Families, lack of familiarity with the mortgage process was the NUMBER ONE source of confusion for Hispanics when considering purchasing a home. Another noted factor: the inability to find a trustworthy advisor.
Educate yourself by asking questions and finding answers," Gomez said. Many borrowers have no understanding of the vast assortment of loan options that are available and without someone ready and willing to educate you it makes choosing a loan feel more like pulling teeth," said Gomez. You dont have to have money for a down payment to purchase a home and you dont have to choose the traditional ways of borrowing money," she said. Just as homes come in all shapes and sizes, so do loan options."
For example, one particular type of loan to consider is the 12 MAT ARM, which according to Gomez is all about CHOICES. The 12 MAT ARM is an excellent option for borrowers who are self-employed, work on commission, or have seasonal incomes."
Harvest Home Mortgage Source, which opened its Orlando office in January, prides itself on educating all clients on what options will allow them to purchase their homes. And, according to the Orlando Regional Realtors Association, there are so many considerations to be made before choosing a mortgage. For instance, future income expectations, length of time the buyer wishes to own the property, the risk of changing rates, and many more factors all play an important role in the decision.
So many people not only think of their homes as a place to live, they also consider it as an investment," said Gomez. And adding to the equation-Orlando real estate is hot. According to the Orlando Regional Realtors Association, 2,371 single-family existing homes were sold last month, a slight 0.4 percent increase over April 2004. In addition, the Roth Report of local housing activity sites that Orlando is in the midst of its 13th consecutive year of record-breaking home sales, both in terms of month-to-month and year-to-year comparisons.
Even though the market is certainly healthy for the seller, with creative financing buyers can definitely afford to buy the home of their dreams," said Gomez.
Mortgage Source, LLC primarily serves the Hispanic home buyer in helping to secure the right mortgages for their homes, including fixed, adjustable, conventional, jumbo, VA and FHA loans. Harvest Home Mortgage Source has offices in New York and Florida. The Florida office is located at 5728 Major Boulevard, Suite211/212 in Orlando.
For more information, visit www.harvesthm.com or call 407-370-6868.
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