Tampa Mortgage News
Clearwater Real Estate News | Guess What Percentage Of Tampa Mortgages Are Paid On-Time?
March 3rd, 2009 Categories: Real Estate News, Tampa Mortgage News
Clearwater Florida Real Estate News
Clearwater Florida – The current economic conditions are being felt all over and it’s also being seen in the rise in mortgage delinquencies nationwide, but the mortgage news may not be as bad as it appears at first glance.
Using anonymous data from its national credit database, TransUnion reports that 4.58 percent of American homeowners were at least 60 days past due on mortgage payments last quarter.
Comparing the statistic to the data from a year ago, the credit reporting agency goes on to say that mortgage delinquencies are up 53 percent and Florida is adding to this.
Although fair, the comparison carries a distinct, negative connotation because if we flip the data to its positive, the statistics don’t seem nearly as menacing.
Consider: In the last quarter of 2008, 4.58 percent of all homeowners were delinquent on their respective mortgages. The positive sign, therefore, is that 95.42 percent of home owners were not delinquent on their home loans.
Furthermore, in looking at TransUnion’s data for the 5 largest states in the Union, it’s clear that the national delinquency rate is being skewed by California and Florida. New York and Texas, for example, exhibit delinquency rates below the national 4.58 percent marker.
North Dakota’s delinquency rate hovers near 1 percent.
Headlines are designed to attract eyeballs and nothing else – they seem to focus on the fact that the “glass is half empty” . To get the complete story, therefore — the real story — it never hurts to dig a little deeper into the facts. Even looking at Florida’s numbers – why doesn’t the news ever mention the 91%+ of Florida home owners that are paying their bills on time. When looking at “the glass as half full” we see that their are great bargains for Clearwater home buyers buying now, especially for first time home buyers (anyone who hasn’t owned a home in 3 years) qualifying for the $8000 tax credit for property purchases in 2009 (need more info on this just ask us).
Thinking of Buying or Selling a house in Clearwater Florida – We can help
If you have been thinking about buying or selling a home in the Clearwater St Petersburg Tampa area…
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Copyright © 2007-2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Florida Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
(Image courtesy: TransUnion)
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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How The Treasury's Economy Revival Outline Helped Clearwater Home Affordability
February 11th, 2009 Categories: Clearwater Florida, Tampa Mortgage News
Clearwater Florida – His speech was much anticipated, but it was what Treasury Secretary Tim Geithner didn’t say Tuesday that helped Clearwater home affordability.
Mostly it was because of “safe-haven” buying on Wall Street.
Safe-haven buying is when investors move cash to the safest investments possible for fear of losing their money elsewhere.
This existence of the pattern is evident in looking at yesterday’s Dow Jones Index timeline. Stock markets were down some in the morning. Then, at 11:00 AM ET, in the moments immediately following the public release of Geither’s speech as text, stock market plunged by about 2 percent.
As the speech was delivered live, markets fell by 1 percent more.
It’s not that Geithner’s speech was a bad one, per se. It’s just that Wall Street was looking for a detailed plan that included remedies for banking, housing, and the economy overall. What it got instead was an outline for a plan and a frank discussion about the complexity of the economy.
Stock markets had been bid up last week in anticipation of a bailout. Tuesday’s action was the subsequent sell-off because economic uncertainty continues to linger.
It all ended up being good news for Tampa mortgage rate shoppers, though. When the dollars fled the stocks, they made their way towards safer, less-risky investments like mortgage bonds. And, because mortgage-backed bonds set the “going rate” for conforming mortgages nationwide, the added demand yesterday caused mortgage rates to fall, making mortgaged homes less expensive on a monthly basis, relative.
For now, rates remain near the bargain levels set in early-January. As the Treasury clarifies its plan in the coming weeks, however, rates are susceptible to big swings.
(Image courtesy: The Wall Street Journal)
Thinking of Buying or Selling a house in Clearwater Florida – We can help
If you have been thinking about buying or selling a home in the ClearwaterBeach Florida St Petersburg Tampa area…
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Copyright © 2009 Jack and Cyndee Haydon, Clearwater Beach REALTORS and your Clearwater Beach Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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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Clearwater Florida Move-Up Homebuyers Face New Lending Challenges This Spring
February 1st, 2009 Categories: Clearwater Florida, Tampa Mortgage News
Clearwater Florida – When a homeowner sells his Clearwater house and decides to buy a new one, there are 3 basic options for the residence — sell it, keep it, or rent it. While we’ve seen lots of changes in our Pinellas County school zoning this past year we also have had less well known changes in financing your next Pinellas County home.
Unfortunately, no matter which path they choose, Clearwater Florida move-up homebuyers in need of a new conforming mortgage will find qualifying for a Tampa Bay home loan to be more difficult this season than in the past.
Tampa Mortgage guidelines are dramatically tighter for people “carrying two mortgages”.
Among the changes this spring’s buyers face:
Selling your Clearwater home when it’s your primary residence
If you plan to close on your new home prior to the closing of your existing home — even if it’s only by a day — both payments must be listed as monthly debts on your mortgage application. This will disqualify the majority of homebuyers.Converting your Clearwater house to a second homeIf your current home has less than 30 percent equity in it, your mortgage application for the new home will not be approved unless you can show 6 months worth of mortgage payments + taxes + insurance in reserves for the current home and new home combined.
Converting your house to an investment propertyIf your current home has less than 30 percent equity in it, any rental income derived from a tenant is disallowed on your mortgage application for the new home. You must still count the mortgage payment + taxes + insurance as a monthly debt.
Related article:
In other words, being a move-up buyer in Clearwater Florida isn’t as simple as it used to be. New lending rules make buying a new home an exercise in timing and financial planning. And the rules are expected to get tougher, too.
Therefore, if you expect to be buy a larger home in Clearwater in the next 12 months, consider moving up your timeframe or — at least — planning ahead for it.
Understanding the new Tampa mortgage landscape and how they can influence your upcoming purchase may be the difference between getting approved for a home loan, and getting turned down.
Thinking of Buying or Selling a house 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.
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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Could Tampa Mortgage Rates Have Already Bottomed Out?
January 22nd, 2009 Categories: Tampa Mortgage News
Tampa – Clearwater Florida 
After improving through 11 straight weeks, mortgage rates finally ticked higher last week. This, according to Freddie Mac’s weekly mortgage rate survey. The Freddie Mac survey showed that mandatory mortgage fees rose last week, too.
Unfortunately, the bad news for Tampa Mortgage rate shoppers doesn’t stop there.
Because Freddie Mac’s rate survey is conducted on Tuesday but its reports aren’t released until Thursday, the published data doesn’t even account for the previous 48 hours of activity in which rates and fees have risen further.
Versus last week, 30-year fixed, conforming Tampa mortgage rates are up 0.16% on average nationwide. On a $200,000 Clearwater home loan, this equates to a roughly $20 extra per month, or $7,055 over the life of a 30-year loan.
The Era of Low Rates may not be over, but it may be time to get off the fence – there’s never been a better time to buy a home in Clearwater, Tampa St Petersburg.
(Image courtesy: Freddie Mac)
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Copyright © 2007-2009 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.
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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Clearwater Home Buyers – When They Say You Can Save 15% – Don't do it!
December 22nd, 2008 Categories: Clearwater Florida, Tampa Mortgage News
Clearwater Florida – Today we have the pleasure of welcoming guest blogger and Florida Mortgage Expert, Kevin Sandridge to share his timely Clearwater home buyer tips.
“Would you like to use your “Fancy-Schmantz Pantz Store Credit Card” with us today, ma’am? Oh, you don’t have one? Well… Do I have a Deal for You!”
STOP! Wait a beat… and read this first…
Don’t Open That Store Credit Card Account!
At least not if you’re in the market to buy or refinance a Clearwater Florida home. We’re in the holiday rush, and department stores and other retailers are raining down magical little store-brand “at the register” credit card offers on shoppers along with the “gift” of you saving 15% on your purchase. I know, I know… these offers tend to make our eyes light up bigger than Ralphie’s did in A Christmas Story when he finally got is Red Ranger BB Gun! However, for Florida home shoppers or those looking to refinance their Florida mortgage, taking advantage of these in-store savings could be a long-term bad idea.
The Christmas Story movie cover
You see, for folks looking to buy a Clearwater Home for retirement or a second home, a few points on their credit report can make a world of difference! Conforming mortgage lenders make rate adjustments for low credit scoring applicants. As an example, a home buyer with a 20 percent downpayment and a 715 credit score would face an interest rate adjustment of approximately 0.125%.
Once your credit score drops below 700, the adjustments on your Florida mortgage get even worse!
If you’re not in the market for a new Florida home or Florida mortgage refinance, then chances are that taking advantage of these “at the register” savings won’t pose any sort of difficulty for you. However, if you are considering a purchase or refinance, then please be aware of how these offers may impact your credit score. Consider this when the next store clerk with a sparkling smile and gleam in his eye offers you an easy way to save on your holiday gift spending…
“Is saving 15 percent on this $200 purchase worth the long-term cost of paying an extra 0.125 percent on my new mortgage?” Hopefully, you’ll answer yourself and that eager sales clerk with a HO, HO, HO, NO THANK YOU!
Happy holidays, folks. May you and your families receive all the joys and blessing this special season may afford!
Sincerely, your Florida Home Loan Specialist
Kevin Sandridge,
Thinking of Buying or Selling 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.
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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