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.
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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.
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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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Clearwater Florida Real Estate News – An Interactive Chart For Home Values
January 21st, 2009 Categories: Real Estate News
Clearwater Florida – The S&P/Case-Shiller Home Price Index is a popular measure of domestic home prices, released monthly.
The index reports on the largest 20 U.S. markets, painting a broad picture of real estate values nationwide.
Despite the Case-Shiller Index’s two obvious flaws — (1) it only counts repeat sales on single-family residences, and (2) it only includes 20 major housing markets — the model makes it easier to identify broader real estate trends in our nation’s largest cities.
Data, though, is just data. It often takes a good picture to bring it all home. Enter The New York Times.
On its website, The Gray Lady has posted an interactive Case-Shiller graphic. For each of the 20 cities studied, users can compare how home values rose versus the national composite throughout the early part of the decade, and how values have fallen since.
Not surprisingly, of the 20 cities that showed stable growth pre-2006, nearly all are outperforming in the current real estate climate.
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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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Tampa Mortgage Rates Report: Fed Cuts To Prompt Lower Mortgage Rates – Will Home Buyers benefit in November?
October 29th, 2008 Categories: Tampa Mortgage News
Will Feds Cut rate cut help Clearwater home buyers get lower Tampa Mortgages in November?
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? Two 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”
Related posts:
Tampa Mortgage News: Tampa Mortgage Rates Report: October 27, 2008
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options or you can search all Tampa homes for sale.
Originally posted on Millionaire Real Estate Lender by Brian Brady, America’s #1 Mortgage Broker
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and your Clearwater Real Estate Consultants specializing in Clearwater Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
About Cyndee Haydon
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Tampa Mortgage News: Tampa Mortgage Rates Report: October 27, 2008
October 27th, 2008 Categories: Tampa Mortgage News
Tampa Mortgage – Home Loan Rates Jumped
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.
Interestingly enough, gold isn’t skyrocketing in price. Long held as a “safe haven” during times of turmoil, investors are opting to hold their portfolios in cash instead:
Bullion is down 15 percent this month as the dollar climbed to a two-year high against the euro and the Standard & Poor’s 500 Index headed for its steepest monthly loss since 1938.
`We’re seeing some consolidation in the market today as investors pause for breath following the roller-coaster we had last week,” Zhu Lv, research manager at Shanghai Tonglian Futures Co., said from Shanghai today.
Gold for immediate delivery gained as much as 1.7 percent to $746.91 an ounce, and traded at $735.33 at 10:29 a.m. in Singapore. The metal fell below $700 on Oct. 24. Silver for immediate delivery was up 1 percent at $9.4575 an ounce.
Gold still benefits from its safe haven properties, although these days, more and more are choosing to hold just cash instead, so it won’t be surprising to see gold below $700 again,” said Zhu.
What’s this mean if you’re in the Market for a Tampa Mortgage?
What’s that mean to home buyers or property investors looking to get a home loan or mortgage in the Tampa Bay area? It means that while investors are cautious, they aren’t completely terrified and that bodes well for mortgage-backed securities. When investors buy mortgage-backed securities, mortgage rates drop; that’s what we think will happen in the next 7-10 days.
I cautioned borrowers to lock in all October closings last week when mortgage rates dipped below 6%. That opportunity had a short-lived window. Like all panics, reason eventually prevails. Central banks world wide are slashing interest rates to avoid an economic recession. This make US dollar denominated investments, especially mortgage-backed securities more attractive.
Hold out for a Tampa mortgage rate below 6% if you’re closing in November. Contact us for a FREE quote and to find out your Tampa Home Mortgage Options
Originally posted on Millionaire Real Estate Lender by Brian Brady, America’s #1 Mortgage Broker
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Copyright © 2008 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Tampa Bay 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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