Jumbo Loans and Luxury Homes

Expensive homes come with expensive mortgages. Lenders have developed large specialized loans known as "jumbo loans" that allow borrowers to borrow more. The luxury home market is continuing to rise, so naturally, the jumbo loan market is following. According to the National Association of Realtors, sales of homes worth between $750,000 and $1 million are up 38.7% since last year. Homes selling for over $1 million has gone up 25.7%

Interest rates of these jumbo loans have been creeping closer and closer to the rates of ordinary loans, some jumbo's interest rates have been just as good as the average priced loans. This is one of the main reasons we are seeing a boom in jumbo's. The rates have been able to decrease because only the most qualified buyers are being approved for such a large amount of borrowed money.

Written by: Brad Novy

Cafe Ena Restaurant Review

Cafe Ena is locally owned and operated by restaurateur Hector Ruiz who also recently opened Rincon 38, a small Tapas bar and restaurant on Grand Avenue S. Cafe Ena offers a culinary fusion of Latin American flavors with plenty of Delicious choices on the menu. The service was excellent and the food was even better! Our table started with a Ceviche appetizer, a traditional South American ceviche of fish, shrimp, calamari, and scallops in a cilantro-Aji sauce, topped with pickled red onions.

Our main courses consisted of a South American style curry dish, a goat cheese omelet, and a plate of shrimp sauteed in a delicious sauce I can not pronounce. All plates were cleaned and we were all very satisfied! At the end of our meal, Chef Hector sat with us and we shared a few laughs. We were lucky enough to get a short business lesson from such a successful entrepreneur! If you are in South Minneapolis and feeling hungry, Cafe Ena is a must try! http://www.cafeena.net/

Written by: Brad Novy

Price Gains Lift Homes Above Water

Rising home prices helped lift 1.7 million homes above water in 2012 according to a report released by real estate data and technology firm CoreLogic. As of December 31st, one in every five homes were still underwater. CoreLogic believes that another 5% increase in home values would lift an additional 1.8 million homes into positive equity. Home owners who were thinking about selling held off because of their negative equity positions, this forced our inventory to minuscule levels, and in turn helped home prices rise. Now that we are seeing the prices go up, we should see an upswing in inventory, as previously underwater home owners are more prone to sell.

Written by: Brad Novy