Stephen Navarro, NMLS: 1619507, Loan Officer- PrimeLending

05/21/2024

There are several reasons for the current housing shortage in the United States so let's talk about it! One of the main factors is the lack of new construction. Since the 2008 financial crisis, many builders have been hesitant to take on new projects due to the high costs of land, labor, and materials which puts more demand on existing homes over new builds.

Another factor contributing to the housing shortage is the high demand for housing, particularly in urban areas. As more people move to cities for work and other opportunities, the demand for housing has outpaced the rate of new construction. This has led to rising home prices and rents, making it more difficult for some people to find affordable housing.

Finally, the current interest-rate environment has also complicated matters. Homeowners that either bought or refinanced while interest rates were at all-time lows are hesitant about giving up their locked-in low rates. Many homeowners who might be sellers are choosing to stay put.

Have more questions about the housing market or buying in 2024? Send me a DM and let's talk!

Source| Bank Rate: Why is housing inventory so low? Understanding the U.S. housing shortage

05/03/2023

When it comes to buying your next home, you need a lender you can rely on. As your trusted partner, I offer local mortgage expertise with the backing of PrimeLending's national power to deliver the best financing options available. Here's what sets us apart:

MortgageCX Best-in-Class Online Tools, Application Process, Loan Officers, and Processors Awards 2022
400+ products
96% customer satisfaction*
Longevity with 2x the average industry tenure**
Let me be your guide throughout the mortgage process. DM me today to discuss your questions and concerns.

*Survey administered and managed by an independent third party following loan closing. 96% satisfaction rating refers to the average rating our customers have given our loan officers for the period 01/01/22-12/31/22.

**Per a study by SimpleNexus of over 6,000 LOs over a 30-month period, published in 2019

04/06/2023

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:

1. Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didn't think I’d have a home maintenance checklist without decluttering as number one, did you?
2. Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.
3. Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.
4. Clean and organize your garage; while you're at it, go on and rinse out your trash cans and recycling bins.
5. Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.
6. Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.
7. Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)
8. Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.

Join me in rolling out the welcome mat for the easy, breezy season ahead!

04/04/2023

Tax day is coming up. Do you know the tax advantages of owning a home? As a refresher, here are seven of the most popular:

1. Mortgage interest deduction: One of the biggest tax benefits of owning a home is the mortgage interest deduction. This allows homeowners to deduct the interest paid on their mortgage from their taxable income. This deduction can significantly lower the amount of income tax owed to the government.
2. Property tax deductions: Homeowners are also allowed to deduct their property taxes from their taxable income. This can be a substantial amount, particularly for homeowners in high-tax states. The property tax deduction applies to both primary residences and vacation homes.
3. Mortgage points: If you pay discount points when you take out your mortgage, you can deduct those, too!
4. Energy efficiency tax credits: If you make energy-efficient improvements to your home, such as adding solar panels or installing new windows or doors, you may be eligible for a tax credit. This credit can be up to 30% of the cost of the improvements, which can significantly lower the cost of the upgrades.
7. Capital gains: The capital gains tax exclusion says you don’t have to pay taxes on the first $250,000 of profit from selling your home if you’re single or $500,000 if you’re married so long as you’ve lived in your home two of the last five years.

There are more tax breaks for where these came from, so it’s always best to work with a tax professional at tax time if you own a home.

Save this post for later, and definitely reach out if you have questions or would like to talk over the details of your situation more fully.

04/03/2023

Have you heard of an interest rate buydown? Essentially, you can buy down your mortgage rates for the first 1, 2 or 3 years. Check out and save the chart below! I can help you understand how to buy down your rate and reduce your monthly payments.
Have questions about buydowns? Send me a DM!

03/31/2023

The flowers are in bloom, the trees are starting to bud, and pollen has you sniffing and sneezing. Spring has spring! Here are a few tried and true ways I help keep the allergens out of my home to make the season more comfortable.

One of the most effective ways to reduce allergens is to keep your home clean. Dust and vacuum regularly and don’t neglect vacuuming the upholstered furniture where dust can get trapped. Your sheets and comforter can be a breeding ground for allergens and it’s important to wash it regularly. Wash your sheets, pillowcases, and blankets in hot water to kill dust mites and other allergens. Wipe your dog down with a damp cloth to remove pollen holding onto their fur after spending time outside. And lastly, try an air purifier. Look for air purifies with a HEPA filter to trap pollen, dust mites, and other allergens in your home.

Hope these tips help you breathe a little easier this spring!

03/29/2023

03/28/2023

Thinking about buying a home? Here are 4 things you can do to prepare to alleviate all the ⓜⓐⓓⓝⓔⓢⓢ that comes with buying a home.

1.Play point guard on your credit: Your credit will play a big role in your mortgage approval process. Make sure to review your credit and check for any errors or discrepancies that could hurt your score.

2.Sideline money for a down payment: It’s never too early to start saving for a down payment and closing costs.

3.Don’t air ball your approval: Before you start house shopping, you’ll want to get pre-approved for a mortgage. This will give you an idea of how much house you can afford and show sellers that you’re a serious buyer.

4.Full court press your neighborhood research: Do your homework on the neighborhoods you’re interested in and get a sense of the local housing market. This will help you make informed decisions when you’re ready to put an offer in.

Buying a home can be a overwhelming at times but with a little preparation and the right team by your side, it’s a slam dunk. Have questions? Send me a DM!

03/27/2023

When you fall in love with a home that is a small-scale renovation away from being perfect, CHOICEReno eXPress from Freddie Mac can help make the project affordable. From updating a bathroom to customizing the kitchen and more, you can turn any house into a home with CHOICEReno eXPress. Contact me today to learn more.

02/24/2023

I can do a lot for you, especially if you're buying a home. Find out how you can get a 7 piece SimpliSafe Home Security System and 2 months of 24/7 professional monitoring service* when you apply before March 31st, 2023 and close on your new home with PrimeLending before June 30, 2023. Let me help you make your homeownership dreams come true.

- https://lo.primelending.com/stephen.navarro/

02/16/2023

Are all the numbers with closing costs, down payment, cash to close confusing you? You might even think these are the same thing, and you're not alone!

Closing costs are fees associated with buying a home, such as appraisal fees, title fees, and attorney fees. These costs are typically paid at the closing of the sale.

Cash to close, on the other hand, is the amount of money you will need to bring to the closing table, which includes your down payment, closing costs, and any prepaid expenses. Not sure how much you need to budget?

Let’s connect and I’ll be happy to help you with the planning process!

02/14/2023

Dropping off some goodies to friends and partners!!