Tampa Mortgages
Clearwater - Tampa Mortgage Refinance 101 for Home Loans and Mortgages
December 21st, 2008 Categories: Tampa Mortgages
Clearwater - Tampa Florida Mortgage Refi Guide
Clearwater Florida - Today we are happy to have a guest blogger, Kevin Sandridge, one of our favorite Florida Mortgage lenders (and bloggers) to give you his thoughts on refinancing your mortgage. I think you’ll enjoy Kevin’s thoughts and style - we hope to have him back often. Let us know your thoughts!
“OK folks, here’s the story: Clearwater Tampa Mortgage Rates are at the lowest point they’ve ever been in nearly 4 years, and Florida mortgage refinances are flooding our offices!
It’s way past the whole “I got myself into a balloon payment or interest only” loan situation. People with excellent credit and what “WERE” decent interest rates are clammoring to take advantage of our present situation.
Normally, when Uncle Ben and “da Fed” lower the base interest rate, Tampa mortgage rates climb. However, folks are starting to get the point that our Government is pulling out all the stops to make sure the nation’s economy remains solvent - finding a way to make Clearwater home loans more affordable and managable is a key component.
As such, Tampa - Clearwater homeowners tied to higher rate adjustable or even conventional fixed-rate mortgages seek refuge in a little something we here in the “High-fangled Florida Home Loan Financial Biz” like to call a Refinance. (A note to Florida VA Mortage Holders…. call me to ask how I can refinance your mortgage at a rate below 6 percent with NO re-qualification and NO appraisal required!)
When you refinance your Tampa mortgage, what you’re essentially doing is paying off the old mortgage with the proceeds from your new one. Note - this is not the same as re-fiancee… that’s for another day - and another blog…
Clearwater - Tampa Mortgages - A Little Brush Up
When you take on a Clearwater - Tampa mortgage on your home, you’re establishing a contractual agreement between the lender and yourself. This contract defines the terms under which the money you borrow for your Florida home will be repaid. Items covered in this agreement include things like the interest rate you pay, the term - or length of time you have to pay off your loan, and of course, the amount of money borrowed. You will also notice something called the amortization schedule - a breakout of exactly how many payments will be made over however many months and years - typically ending up at a figure that’s a good bit higher than what you originally borrowed. Ah, sweet delectable interest… we love you so…. NOT!
Why Refinance Your Tampa - Clearwater Home Loan?
Tampa Bay Florida home owners refinance their home loans for various reasons. Some want to take cash out against their home’s equity for things like college expenses, home repairs, debt reduction, etc. Many Tampa - Clearwater home owners today are just using the refinance option to reduce the life or overall amount payable on their loans - choosing to leave the equity they’ve worked so hard to establish right where it is.
Regardless of the reasoning behind your mortgage refinance, it’s likely that at minimum, you will choose to do so in order to take advantage of a better interest rate, negotiate more attractive loan terms (the duration of your loan), or both. I typically tell my clients to consider refinancing when rates drop around 1.75% or more below their present mortgage rate. In some cases I play things a little closer to the vest and suggest my clients wait until they see a drop of nearly 2.0%. While others may feel this is a bit conservative - I just want to be sure that my clients truly benefit from the refinancing process.
There is no rule that limits how many times you can refinance, nor is there a foolproof way to determine whether or not a refinance makes sense. In general, if you can reduce your monthly payment while limiting your closing costs, a Tampa - Clearwater home loan refinance may be right for you. You definitely don’t want to become a “serial refinancer,” - which leads into a process known as “churning.”
Recap: Some Basic Reasons to Refinance Your Clearwater - Tampa Mortgage Include:
- Converting from an ARM into a fixed rate mortgage (or vice versa)
- Lowering the interest rate by at least 1.75 to 2.00 percent on your existing conventional mortgage (again, I tend to be conservative)
- Taking funds to use for another purpose by paying off third-party debts or for cash
- Extending the life of your Tampa mortgage from 15 to 30 years to achieve payment relief
Parting Shot Thought
I leave you with a parting gift… a clip from the movie Caddyshack - undervalued by many for its wisdom-filled script! This one is where Carl Spackler, the hapless and somewhat devious Groundskeeper tells a young caddy about when he was a “jock” in the Himalayas for the Dali Lama and asked His Holiness for a tip…
Ahh.. It’s a timeless story, really. And, if you fortunate enough to have the pleasure of sitting on the veranda of your favorite Tampa Bay Luxury Home looking over a nice ocean view and sipping the adult beverage of your choice as you ponder it - well, then… you are indeed fortunate. Just make sure you’re not paying too high of an interest rate on that Luxury home!
I assure you that in almost every case… refinancing your Tampa - Clearwater home will prove to be a simpler and less expensive process than than you experienced purchasing it. Oh, and the stack of paperwork you sign at closing will be much smaller - which, in the words of Carl Spackler from Caddyshack… is nice.
As always, seek the advice and wise counsel of an experienced Florida mortgage broker to help you determine whether refinancing your home is the right move for you and your family.
If you’re looking to refinance of your Florida mortgage, please give me a call at 863-604-3019, or contact me via email at kevin.s@sigfunding.com. - Kevin Sandridge”
Thinking of Buying or Selling Tampa Clearwater Real Estate
If you have been thinking about buying or selling a home in the Clearwater St Petersburg Tampa area…
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2008 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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Tampa Mortgage | Tampa Florida Mortgage Rates | Clearwater St Petersburg Tampa Home Loans
November 22nd, 2008 Categories: Real Estate News, Tampa Mortgages
Tampa Mortgage Rates Updates and News Covering Clearwater - St Petersburg - Tampa Bay area
Clearwater Florida - We work with the best Tampa mortgage lenders to make sure you have access to timely home loan information and expert mortgage advice.
We realize that for those looking to buy Clearwater St Petersburg Tampa real estate you often need to finance this purchase so you can count on us to bring you the latest mortgage news (which applies to mortgages in our 3 county area - Pasco, Hillsborough and Pinellas County).
In this dynamic real estate market financing options and rates are constantly changing so you will also find information on the latest Tampa Florida mortgage rates, current FHA loan limits, Tampa VA loans, Jumbo Loans for luxury beach properties, financing options and Foreign National loans (our real estate friends from Canada, the United Kingdom and around the world) and more …This information is constantly changing so our goal is to offer you one-stop to get the latest Tampa Mortgage news below:
Tampa Mortgage Rate - Lock your loan now - November 19, 2008
Clearwater Florida - Yesterday we shared the new Tampa FHA Loan limits and today Brian Brady, America’s #1 Mortgage Broker give us his latest update on Tampa Mortgage Rates. If you are buying a home in the next 45 days anywhere in the Tampa Bay area including our specialty Clearwater Beach to St Petersburg luxury waterfront and Pinellas beach properties for sale- you’ll want to check this out…(Read Complete article here: Tampa Bay Mortgage Rates November 19th, 2008 Update)
Tampa FHA Loan Limits for 2009 - November 18, 2008
Tampa Florida - It’s that time of year - the new FHA loan limits for 2009 have recently been released. It’s no surprise based on declining values for Tampa homes in 2008 that the FHA will be lowering the Tampa Bay FHA home loan limits Jan 1, 2009.The new FHA loan limit for all Tampa homes for sale will be $271,050 in 2009 which is down from $292,000 we currently have in 2008… (Read Complete article here: Tampa FHA Home Loan Limits November 18th, 2008 Update)
Will Feds Cut rate cut help Tampa home buyers get lower Tampa Mortgages Now? - October 31, 2008 -
Tampa Florida - Brian Brady, America’s #1 Mortgage Broker, always keeps his pulse on the mortgage market for us. Today he shared how the latest Fed Cuts will effect those planning to buy Clearwater Tampa Homes. Today that “we analyze mortgage rates by examining the mortgage-backed securities market and its reaction to economic data and events. Today, the Federal Reserve cut the Fed Funds rate to an historical low of 1%…(Read Complete article here: Tampa Mortgage Rates October 31, 2008 Update)
Tampa Mortgage Rates Rise Friday - October 27, 2008
Tampa Florida - Friday, Tampa mortgage rates jumped from 5.875% to 6.25% as mortgage-backed securities traders joined the world wide sell-off. Global stock markets plunged Friday and the Asian markets were weak for Monday. Investors world wide don’t want to be invested in ANYTHING.
When the world panics, we FLOAT mortgage rates. So, roll the projectors! The movie “Float Club” is playing all week….(Read Complete article here: Tampa Home Loan Rates October 27, 2008 Update).
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Buying Tampa St Petersburg Clearwater Real Estate
If you have been thinking about buying a home in the Clearwater St Petersburg Tampa area…
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2008 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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Tampa Mortgage Rates Update - November 19, 2008
November 19th, 2008 Categories: Real Estate News, Tampa Bay, Tampa Mortgages
Tampa Mortgage Rate - Lock and Close
Clearwater Florida - Yesterday we shared the new Tampa FHA Loan limits and today Brian Brady, America’s #1 Mortgage Broker give us his latest update on Tampa Mortgage Rates. If you are buying a home in the next 45 days anywhere in the Tampa Bay area including our specialty Clearwater Beach to St Petersburg luxury waterfront and Pinellas beach properties for sale- you’ll want to check this out.
“The economy is really sick:
Today’s CPI report signals deflation, or a prolonged price slide, may become another hazard facing Federal Reserve Chairman Ben S. Bernanke and President-elect Barack Obama. Deflation could worsen the economic downturn by making debts harder to pay off and countering the impact of Fed interest-rate cuts.
“The economy’s really just in horrific shape,” said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities in New York. Fed officials will “take rates as low as they have to” to avoid “a deflation-type scenario, which now all of a sudden is very possible.”
LaVorgna predicts the Fed will cut its main rate to 0.5 percent from its current 1 percent when it meets on Dec. 16.
Fed Vice Chairman Donald Kohn said today that while the risk of deflation is “still small,” policy makers must be “aggressive” in fighting the danger. The economy “is declining right now” and will record a couple of quarters of contraction, he said in answering questions after a speech in Washington.
Fed policy makers last month forecast the U.S. economy will contract through the middle of 2009, with some officials prepared to cut interest rates further in response, according to a record of the group’s meeting.
If the Fed’s thinking of cutting rates further, why aren’t Tampa mortgage rates going down? I think it’s because the Fed has done all it can do. Future rate cuts are like that eighth scotch. Drinking that eighth scotch isn’t going to make you feel any better than the seven prior. It just might make you feel worse.
I advised folks, right after the election, to lock loans with rates under 6% if they were closing within 30 days. Today, I”m suggesting that you lock any Tampa home loan that is closing this year. Today, a 45-day lock for a 6.0% rate would costs 1.25%. While you may see rates drop below 6% , in the next 45 days, the risk of them moving higher is greater.
So if you are buying Tampa Real Estate and closing this year….”Take 6% and run.”
Tampa Mortgage Relate Articles:
- Summary of all Tampa Mortgage Rates and News Reports
- Tampa Bay FHA Loan Limits for 2008
- Tampa Mortgages Will Fed Rate Cut in October help Home Buyers in Nov and Dec 2008
Contact us for a FREE quote and to find out your Tampa Mortgage options or you can search all Tampa and Clearwater homes for sale.
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2008 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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