Christopher M. Becerra, a professional with a strong background in mortgage banking, is making waves in the insurance industry by helping clients overcome financial hurdles. With his expertise in real estate values, he has successfully assisted clients in qualifying for loans despite challenging debt-to-income (DTI) ratios. Becerra shared his experiences in a recent interview, highlighting how his knowledge allows him to address issues with property valuations that could otherwise hinder clients’ financial progress.
Becerra explained that he often encounters situations where property valuations are inflated. "There’ve been scenarios where things have been a little bit challenging on a DTI level," he said. By going back to underwriters and questioning these high valuations, he can often secure lower insurance premiums for his clients, helping them achieve their financial goals.
His firm has also established a robust network of realtors who refer clients for insurance after property transactions. Becerra noted that this referral business is particularly strong among investors, as property insurance complements real estate transactions well. With Cleveland’s property values rising rapidly, Becerra plays a crucial role in helping clients understand their changing coverage needs.
He pointed out that the cost of building materials and labor has also surged, which can leave homeowners underinsured. "What used to be adequate coverage – maybe $150 a square foot for replacement cost – is now closer to $200 plus," he explained. Many clients are unaware of these shifts, putting them at risk.
Becerra emphasized the difference between market value and replacement cost. He explained that if a home were to sustain damage, the costs associated with demolition and debris removal can add up quickly, making proper coverage essential.
In addition to his work in insurance, Becerra encourages loan officers to expand their skill sets by obtaining insurance licenses. He believes that having knowledge in multiple areas—mortgage, real estate, and insurance—can enhance client relationships. This approach allows professionals to provide a seamless experience for clients throughout the property purchase process.
Becerra’s insights extend to real estate investment strategies, which are particularly valuable for those working with property investors. His understanding of the investor mindset enables him to offer tailored solutions for clients looking to build rental portfolios or flip properties.
One of the most significant trends in real estate today is the rise of short-term rentals. Becerra noted that while this market is growing, insurance companies are still trying to catch up. Many carriers are hesitant to cover these properties due to uncertainty about how to rate them. This gap presents an opportunity for Becerra and his firm.
Mixed-use developments are also on the rise in Cleveland, combining retail and residential spaces. Becerra highlighted the benefits of these projects, which maximize land use and provide community amenities.
Despite rising costs, Cleveland is witnessing a construction boom, particularly in mixed-use developments. Becerra’s diverse expertise in banking, real estate, and insurance positions him as a key player in this evolving market. As the city continues to grow, his insights and services are proving to be invaluable for clients navigating the complexities of real estate and insurance.