Starting a New Life in America, with the Help of PrivateMI
Wearing a polo shirt, jeans and a pair of loafers, 53-year-old Alejandro Cabal stands in the living room of his condominium in Hallandale, Florida looking out of his favorite window.
Out there, he sees a beautiful park just minutes away from white sand and clear water that stretches out beyond the horizon toward another world, a different world, a world that he and his wife, Maria, left just four and a half years ago to begin a new life in the United States.
Alejandro is an architect. He works for Remos Building and Development Corp., a commercial developer headquartered in western Broward County.
Other than dealing with the sometimes tricky U.S. building restrictions, Alejandro seems to have this “American Dream” thing down. He lives by the beach with his wife of 30 years, he pays a low monthly mortgage on a condo that has more than doubled in value since he purchased it two and a half years ago, and he’s put his kids through college.
Alejandro grew up in the Colombian town of Buga, located in the department (equivalent to a U.S. state) of Valle Del Cauca, an agricultural region known for its sugar and coffee crops. Alejandro studied architecture at the Universidad Javeriana, in Bogotá, the capital of Colombia. During that time, he met Maria and the two were mar- ried before graduating. After college, Alejandro started Cabal & Solanilla, a design firm in Cali, the capital of Valle Del Cauca.
“In Colombia,” says Alejandro, “I designed everything, including hotels, hospitals and individual upper- class homes.” One such home designed by Alejandro was named one of Latin America’s most beautiful homes by the Columbian magazine, Escala. Despite his success, Alejandro felt that there were too many security issues and financial limitations in Colombia. “Colombia has its problems and we wanted to start a new life,” he says. In 2001, the Cabals, having raised two children — Alejandro Jr. and Patricia,— felt it was the right time to make the biggest change of their lives.
“I love the windows,” says Alejandro about his third-floor condo in the De Soto Park South complex. The place has two bedrooms and one and a half bathrooms — just enough for the couple and frequent visits from the kids. “The living room window is my favorite. It’s 20 feet long and eight feet tall and it looks out on the beautiful trees and the park,” he says. Alejandro also loves the area. “Eight years ago, Hallandale was just a little town with mostly retired people,” he explains. “Now, there are a lot of new people, young professionals and businesses. The area is growing. Plus, you can walk to the beach in about 10 minutes, and I think the beaches in Hallandale are better than Miami’s.”
The Cabals moved into their condo two and a half years ago when it cost $125,000. Since then, Alejandro estimates the value has appreciated to as much as $260,000, giving the Cabals increased personal wealth and financial security.
Before buying their condo, the Cabals lived in a nearby rental community in Miami called North Bay Village. Though it was a little closer to his work, Alejandro says the area was not as nice and there wasn’t as much to do. When they began looking for a condo, they were advised by Seventhe Real Estate — now Brickell Village Real Estate — to look into a low down payment loan with private mortgage insurance (PrivateMI). The Cabals found their condo in the spring of 2003 and closed that July using mortgage insurance provided by Genworth Mortgage Insurance Corporation.
“We plan on being here for a long time,” says Alejandro. “The low mortgage allows me to help my children as they begin their careers. Without the PrivateMI, it would have been impossible to have this home.”
Despite Colombia’s dangers and financial challenges, there are things the Cabals miss about the country, namely family, the delicious food, the beautiful surroundings and the sometimes “less stressful” way of life. Now, however, Alejandro is a U.S. citizen, Maria has a second college degree, and the Cabals are closer to Maria’s brothers and sisters, who also live in the United States. Most important, “we are happy,” Alejandro says.
Alejandro looks out of his big living room window and knows that in the distance there are fond memories of a different world. But, the architect has designed and built a new life for his family, a more secure life full of potential and financial stability. From where he’s standing, it’s a beautiful view.