Tampa Mortgages
Clearwater Beach Florida – Some Home Owners Are Eligible For Mortgage Relief
March 15th, 2009 Categories: Clearwater Beach Florida, Real Estate Market Reports, Tampa Mortgages
Clearwater Beach Florida Update on the Making Home Affordable Program
Clearwater Beach Florida – When the White House first introduced the Making Home Affordable program in February, it was positioned as a mortgage program with two goals to help homeowners everywhere including those on Clearwater Beach:
- To help financially-needy homeowners get home mortgage relief
- To help home owners who’ve lose equity qualify for today’s low rates
This past Wednesday, in a much-anticipated announcement, the U.S. Treasury introduced new details about their Making Home Affordable plan.
It also created an “Am I Eligible For Making Home Affordable” form on its website. (Check it out)
In the press release, the Treasury detailed the President’s original blueprint. Namely, it provided explicit loan modification instructions that will assist up to 4 million delinquent homeowners and their respective mortgage servicers.
The modification guidelines are a thorough 17 pages long and leave little question about the loan modification process, and how it must be carried out.
But for as much ink committed to helping delinquent Clearwater beach home owners, the Treasury gave surprisingly little guidance to the estimated 5 million homeowners for whom deteriorating home equity has rendered refinancing impossible.
For these Americans, the Treasury instead offers a basic Q&A and directs Clearwater home owners to call Fannie Mae and/or Freddie Mac to confirm their eligibility. The “refinance plan”, in summary, says that a homeowner who has paid his mortgage as agreed and whose home value is “about the same or less” as the amount owed on his first mortgage may be eligible.
That’s about as much as the Treasury could say.
So what are your other options?
New Guide to Getting a Loan Modification in 60 minutes
Being in the Clearwater beach real estate business we are helping families everyday caught in this property value crisis so I am excited to share a straight-forward practical resource with you developed by a friend of mine Rocky Rockwood and his Dad, Mike. Rocky’s own Dad found himself in the same situation as many home owners today. Their properties were no longer worth what they owed so refinancing wasn’t an option and they also had with less income coming in and were struggling to find a way to keep up their mortgages.
Rocky and his Dad took action to really understand the problem and better yet the solution! Then they wrote a step by step guide to help others in the same situation. Their loan modification guide now enables the average home owner successfully do their own loan modification quickly and easily rather than get taken advantage of by one of the latest scams I’m seeing daily. They wrote an use workbook on How to get a loan modification
I got to review the complete guide and highly recommend it – those of you who know me know that I am about empowering people with good information so you make informed choices and also get proven results. If you or someone you care about is in this situation you owe it to yourself to get good information.
If after browsing the Treasury the website, you still have questions about the Making Home Affordable program, call your mortgage lender with specific questions or better yet, order the 60 Second Loan Modification kit
Clearwater Beach Real Estate – Selling or Buying – Condos or Homes – We Can Help!
If you’ve been thinking about buying or selling a waterfront or oceanfront beach condo or house in the Clearwater St Peterburg Tampa Bay area…
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater condos for sale right now..
Copyright © 2007-2009 Jack and Cyndee Haydon, Clearwater REALTORS and specializing in Clearwater Florida, Clearwater Beach Florida, and Pinellas County Waterfront homes and condos. Information is deemed reliable however it is not guaranteed and subject to change at any time.
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Buying Clearwater Florida Real Estate? Good Tampa Mortgage News this Week
February 22nd, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Tampa Mortgages
Clearwater Florida Home Buyers get good Tampa Mortgage News
Clearwater Florida – After the recent Government rollout…..Everything old is new again.
Conforming Tampa mortgage loans are limited by loan size, based on “typical” housing costs for each area around the country. The current conforming limit on a single-unit property is $417,000.
Anything over that is considered a “Jumbo Loan” and comes at an added expense which explains by most recent beach sales are under $500,00 or well over $1,000,000. Recently when helping a family purchase a beach condo we realized how the lack of mortgage options for our high priced Clearwater beach properties was effecting the buyers ability and desire to purchase a Clearwater Beach condo they wanted.
Historically, Clearwater Beach property sales increased along with prices because of the ability to get loans for these luxury oceanfront properties- while no one wants the irrational exhuberance we saw in 2005 and 2006 we also need reasonable credit options today for high priced properties or that fact alone will lead to the continued decline in their value. Limiting credit limits the number of possible buyers.
If there are fewer people who can buy these condos it means Clearwater Beach properties will remain stuck in a strong buyers market with continued downward pressure on property sales prices. We are even finding some local banks asking for 30-50% down on condominium purchases so hopefully we’ll see a loosening of the local lending policies for our luxury beachfront condos in Clearwater
Related: Fannie Mae puts extra hurdles on Clearwater Condo Mortgage options
Last year in 2008, as part of the Economic Stimulus Act of 2008, Congress authorized conforming loan limits increases in “high-cost” areas around the country. In Los Angeles County, for example, a mortgage could be as large as $729,750 and still be considered “conforming”. The bad news for us was that it went county by county and overall Pinellas County did not qualify for the higher amount even though we have 26+ miles of Pinellas beachfront properties.
Those temporary increases rolled back on real estate effective January 1, 2009, to a maximum of $625,500.
Will new Law raise financing limit on Clearwater Beach Condos?
However, as part of the American Recovery and Reinvestment Act of 2009 signed into law this week, conforming home loan limits in high-cost areas have been returned to their higher levels of 2008.
I heard a rumor that the new law will adjust down to the neighborhood level, however, when I called several top Tampa mortgage professionals they said they didn’t have all the details yet. I will keep you posted and keep my fingers crossed.
We are hopeful that this new law will give buyers looking purchase condos in Clearwater Beach Florida this year more favorable loan options on amounts over the standard $417,000.
You can see the text on the bottom of page 111 of 407.
Changes to conforming loan limits impact everyone with a stake in Clearwater Florida real estate, even if their neighborhoods are not considered “high-cost”. This is because conforming mortgages offer the widest selection of home loan products, and often at the lowest rates. The widespread availability of conforming mortgages helps to support home sales nationwide as well as providing ample refinancing options for people that need it.
Lenders have yet to pick up the change, but are expected to shortly. Once they do, more homeowners will be eligible for cheap home financing.
To lookup neighborhood’s conforming loan limits, visit the HUD Web site. Or, if you have specific questions related to your Clearwater home or an upcoming Clearwater beach real estate purchase, contact me directly anytime.
Thinking of Buying or Selling Property in Clearwater Beach Florida – We can help
If you have been thinking about buying or selling a waterfont or beach condo in the Clearwater St Pete Tampa Bay 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 condos for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater Beach REALTORS and your Clearwater Beach Real Estate Consultants specializing in Clearwater Beach Florida and may not be copied, reproduced, distributed, transmitted, displayed or published.
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How Clearwater Florida Home Buyers Benefit from the Stimulus Package
February 18th, 2009 Categories: Clearwater Florida, Real Estate News, Tampa Mortgages
Clearwater Home Buyers get more Good News
Clearwater Florida – 
Everything going on at the national level also effects people buying real estate in Clearwater Florida – and right now especially Clearwater first-time home buyers. Tuesday the American Recovery and Reinvestment Act of 2009 was signed into law in Denver, Colorado. Also Tuesday, stock markets fell near their November 2008 lows.
The two moves are related.
With each new stimulus; with each potential jumpstart of the economy, Wall Street questions whether the federal push will be enough to make an impact.
Traders ended undecided on that issue today, but resolute in something else — that whatever change the stimulus bill will bring, it’s not going to come fast enough to help.
The sell-off in equities was a boon to Clearwater home buyers. For the first time since early-December, mortgage markets gave a sustained rally, extending gains from the 8:30 AM market open through the 4:00 PM market close.
Conforming Tampa mortgage rates were down on the day. Longer-term, though, this pattern won’t likely last. Not only will the stock market regain its balance and draw dollars back, but, more importantly, the stimulus bill contained verbiage increasing the national debt ceiling by 53.4 percent.
Government debt is often financed by printing more money and this leads to inflation, the enemy of mortgage rates.
For now, the stimulus plan is helping Clearwater Florida home buyers because it’s helping the Tampa mortgage markets, albeit indirectly. If you’re shopping for home loan, consider locking quickly. When markets flip — and they always do — it figures to be sudden.
Thinking of Buying or Selling Property in Clearwater Florida – We can help
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 © 2009 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.
(Image courtesy: Recovery.gov)
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Clearwater Condos have new hurdle in getting a Mortgage now – Bargain Hunters Beware
January 26th, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Community News, Condos for Sale, Tampa Mortgages
Clearwater Florida – It’s the time of year when we get lots of calls from people from NY, PA, OH, MI, Canada and more come down to looking to buy a Clearwater condo and those closer to Clearwater Beach Florida the better. Well now buying one of these condos just got a lot harder and darn near impossible if you’re not paying cash. Fannie Mae has slapped Florida with new tough guidelines – to learn more check out this recap from the The Miami Herald on the the new Florida Fannie Mae Guidelines for Clearwater FL condominiums.
“The standards, which took effect last week and apply only to Florida, include requiring that no more than 15 percent of a building’s unit owners be delinquent on association fees as a condition of funding home loans to new buyers.
Fannie Mae buys the majority of Clearwater Florida home loans from lenders, so it wields significant power in the making of mortgages. Fannie-backed loans generally offer the best rates and lowest down payments for borrowers.”
New Fannie Mae Clearwater FL Condo Mortgage Guidelines
“Fannie Mae has issued new guidelines that Florida condos and condo conversions, and, in some cases, old condos, must meet before it will fund loans:
- At least 70 percent of the units in new condos must be presold.
- No more than 10 percent of units can be owned by a single entity.
- No more than 15 percent of units in all condos can be more than 30 days past due on association fees.
- No more than 20 percent of a condo can be devoted to commercial use.
- All condos, new and old, must have fidelity insurance, which protects association funds from fraud.
- The seller is not allowed to help with down payments or offer other perks, like deductions of association fees, unless they are disclosed.
- Condos must have hazard insurance.
- When investors buy in established projects, at least 51 percent of units must be owner-occupied.”
Source: Miami Herald
The dilemma may not be obvious to you if you’re just starting to “look for Clearwater condos that are bargains” which is what people ask us everyday. Let me give you an example of how these changes may effect you now. There are some Clearwater properties that were built in the height of the real estate boom – it was not uncommon back then for someone to pay homeless people to wait in line so they could get a spot in the new construction because many believed there was no way not to make money and for a long time that seemed to be true.
Now fast forward to 2009 – many of those speculative investors who bought and never intended to hold the condominiums are now ending in short sales and foreclosures others have lost money in the stock market and their situation has changed and their vacation property may no longer be affordable for them. With large monthly condo association fees they quit paying the association which presents additional problems and already burdens to the other condo owners. (This is why as your buyers agent we recommend closely scrutinizing an association’s financials) Well now… if more than 15 percent of units in all condos are more than 30 days past due on association fees…then no buyers can get a Fannie Mae mortgage for those condos – WHOA! That’s HUGE!!!
So the end result is with the most distressed properties and bargains may have become “cash only deals” almost overnight. The communities most in need of buyers may actually be the most hrt by these new rules. If you are planning on buying Clearwater condos you should definitely have real estate agents, like us, to make sure you’re getting the latest information you need to make informed decisions in this dynamic Clearwater real estate market.
If you’re looking to understand all your Florida mortgage options for condominiums, please call Kevin Sandridge at 863-604-3019, or contact him via email at kevin.s@sigfunding.com.
Thinking of Buying or Selling Tampa St Petersburg Clearwater Condos
If you have been thinking about buying or selling a condo 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 condos for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2007-2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Florida 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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Clearwater Real Estate Mortgage 101 – Mortgage Rates versus Fees
January 11th, 2009 Categories: Clearwater Florida, Tampa Mortgages
Low Clearwater Mortgage Rates versus Home Loan Fees
Clearwater Florida – 
Kevin Sandridge shares the difference between Tampa Mortgage Rates and Home Mortgage Fees. “If you’re in the market for piece of Clearwater real estate and are becoming more and more enamored with what are now historically low mortgage rates, please take note: You can’t always believe what you read in the papers.
The chart on the right is a terrific example. It’s published by the good folks at Freddie Mac and shows the “going rate” for a 30 year fixed-rate mortgage as reported by U.S. lenders.
- As of the end of December 2008, the chart shows a rate of 5.1%. Yeah!
- What the chart does not show is an accompanying “required fee” for this rate of 0.7%, or $700 per $100,000 borrowed. Boo!
This fee is more commonly known as “points” and versus last year, Freddie Mac’s points nearly doubled from last year’s average of 0.4 points.
So, Why Does Freddie Mac Charge Mandatory Fees when buying a Clearwater home?
The truest answer I can give you is, that Freddie charges mandatory loan fees (read, points) on conforming loans in order to make up for the money they have and continue to lose through foreclosures. These loan-level fees represent mandatory mortgage charges – which act sort of like interest rate adjustments on every mortgage application. They’re not closing cost fees – but rather, a “tax” being levied on today’s well intentioned, well qualified borrowers! Ugh.
In the past, mortgage rates were tied directly to mortgage bonds and reacted accordingly. And while today’s rates are still based on mortgage bonds, they also factor in the fees charged by Freddie Mac (and Fannie Mae, for that matter).
All this said, there is good news. Florida mortgage rates are still low enough that the Clearwater home loan-level fees charged by Freddie and Fannie don’t hurt quite as much as they otherwise might. Just realize that the rates we’re seeing today do have these fees associated with them, and know that you will be paying a little bit more than the posted rates imply.
In many cases, Florida home loan rates and the fees associated with them do tend to move in opposite directions. If you’re focused on the absolute lowest mortgage rate, you might consider paying the additional points. Conversely, if keeping fees to a minimum is important to you, you’ll likely have to accept a little bit higher rate on your home loan. It’s a trade-off, and your Florida mortgage broker can help you best understand the choices. ”
If you’re looking to understand all your Florida mortgage options, 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 © 2009 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.
(Image courtesy: The Wall Street Journal)
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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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Tampa Mortgage Update – Tampa Bay FHA Loan limits dropping for 2009 Home Buyers
November 18th, 2008 Categories: Tampa Mortgages
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.
If you have been thinking about buying a home in Tampa that is in the upper range of the current limits you need to be acting now.
I have been told by our Tampa mortgage lenders that to take advantage of the $292,000 loan limit, Tampa Bay home buyers need to act fast and must lock their FHA loans by Dec 10, 2008 and close on their new home (condo, townhome or other property) no later than Dec 31, 2008.
Related posts:
- Summary of all Tampa Mortgage Rates and News Reports
- 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 Bay 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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Tampa Mortgages – Will Fed’s Rate Cut in October help Tampa Bay Home Buyers Now?
October 31st, 2008 Categories: Tampa Bay, Tampa Mortgages
Will Feds Cut rate cut help Tampa Bay home buyers get lower Tampa Mortgages Now?
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%:
The Fed funds rate target is now 1%, the lowest level in more than four years. In announcing its decision, the Federal Open Market Committee cited a drop in spending by consumers and businesses, and predicted that consumption may slow further due to tighter lending standards.
“The pace of economic activity appears to have slowed markedly,” the FOMC said in a statement, “owing importantly to a decline in consumer expenditures.”
Why’s the economy in the tank? You just aren’t spending enough money, Joe the Plumber. Of course, you can’t borrow any either so you’re hesitant about spending. Hence, the Fed cut in rate. Normally, a Fed cut should be followed by a RISE in mortgage rates but it looks like the mortgage-backed securities market anticipated the cut a week ago.
Let’s take a look the crystal ball (market chart):
See what’s happening here? 2 weeks ago, we had a six day BIG drop, which caused rates to rise from 5.875% to 6.5%. That drop was followed by a 5 day rally, which brought rates back down to 5.875%. Then, we had a six day BIG drop, driving mortgage rates back up to 6.5% (today)…
…and I think the market overreacted which means I think we’ll see lower mortgage rates into the beginning of November.
What’s this mean for those buying a Home on Tampa Home Mortgages?
This is the kind of volatility we’ve come to expect. Tampa Mortgage rates should drop to 6.25%, pause, then drop again to the 6% level or below. No guarantees but November closings should get a peek at 6% or better rates soon”
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Originally posted on Millionaire Real Estate Lender by Brian Brady, America’s #1 Mortgage Broker
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