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Clearwater Florida Home Mortgages – Can I still get one?

Clearwater Real Estate Mortgage Market Report

Mortgage application photoYou have probably heard it is hard getting Clearwater home loans with all of the problems with sub-prime mortgages, and the tightening of lending rules, so here is an update on home mortgages this summer.

Yes, you can get a home mortgage in the Tampa area now, but it is important to understand what is going on in the home mortgage market, and to know that rates may vary widely.

Basically, the problem with home mortgages in Clearwater and around the country this year is that there is a liquidity crisis for some mortgage companies, and I am afraid antidepressants won’t work with this one…LOL. Some mortgage companies have gone out of business and many others are hurting.

Clearwater Mortgage Liquidity Market Report

To understand the mortgage liquidity crisis, it is important to understand how the home mortgage system works, so here is a brief overview:

Money grows on tree dollar plant with moneyAt this point, we are not seeing a major overall shortage of money in the system, but there are companies who have written some bad loans in the past and they are having problems selling their mortgages. This means they do not have as much money to loan to new home buyers. You can tell who they are by the interest rates they are charging. For example, just compare mortgages from at least three companies when you shop, and you might see an almost 1% difference between the rates ( e.g., 6.2% to 7.2%).

In summary, there are lenders who are lending money for home mortgages and have great rates because they have been consistent producers and have low foreclosures rates, so if you are looking for a stable company with good rates, ask us for some experienced, honest professionals serving the Clearwater real estate market.

Clearwater Beach Real Estate

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About Cyndee Haydon

Cyndee Haydon, Realtor with Future Home Realty specializing in luxury waterfront and beach homes of Clearwater Beach - St Pete - Tampa Bay area with her husband and partner, Jack Haydon Cyndee's Google Profile

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