Magellan International navigating you through the lending process

By Nancy Eagleton….

Maria Somarriba, president and owner of Magellan International Mortgage Corporation

For homebuyers, the upside of the housing downturn is that a large amount of product is available at reduced prices and home loans are being offered at highly competitive rates.

Whether you are buying your first home, moving to a new house or condominium or purchasing a vacation property, to get the best rate on your mortgage you need a mortgage broker working in your best interest. Enter Maria Somarriba, president and owner of Magellan International Mortgage Corporation, located in Key Biscayne.

Because Somarriba does not work for any one bank, she and her knowledgeable team can shop dozens of lenders on your behalf to get the best loan placement.

“A reputable mortgage broker brings invaluable experience to the table, streamlining the entire process for the real estate agent and the buyer,” Somarriba said. “It’s better for the borrower to work with someone who can offer a wide choice of products and companies to choose from.

“By being knowledgeable about the marketplace and staying up-to-date about niche products that are available, I can offer clients competitive pricing, optimize the placement of loans and help them save money.”

After spending nine years in real estate development sales, Somarriba began her career in the mortgage industry in 1994. She established Magellan in 1998 and serves buyers in Miami-Dade and Broward counties. She assists her clients with purchases, refinancing, home equity loans of credit, jumbo loans for luxury properties and second-home mortgages. She has closed more than 2,000 transactions, providing her clients with personalized service in a “boutique” environment.

“I can respond to clients and real estate agents in less than two hours, not three days,” Somarriba said. “More than 30 percent of my business comes from repeat clients and client referrals. That says a lot about the relationships that I have established in the industry.”

Somarriba pointed out that after the restructuring of the mortgage industry in 2008, the industry is “now clean.” Brokers must undergo background checks, meet stricter licensing requirements and operate more transparently.

“The industry went from 80,000 brokers in 2007 to approximately 30,000 brokers today, and is on its way to earning the respect it deserves,” Somarriba said. “Those brokers who had given the industry a bad name have been filtered through the credit and background checks, and now are inhibited by the higher cost to obtain and maintain a license.”

Somarriba sees promise in the housing market and said that transactions are closing fully.

“There is a great interest in Miami from foreign nationals coming from Mexico, Brazil and Central and South America. Many of the foreclosures and short sales have been absorbed in areas such as Key Biscayne and Brickell.”

For a consultation and more information, contact Magellan International Mortgage Corporation, 260 Crandon Blvd., Suite 9, Key Biscayne, at 305-361-2323.

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