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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Clearwater St Petersburg Tampa Home Sales Up 11% Year to Year in October
November 29th, 2008 Categories: Clearwater Florida, Pinellas County, Real Estate Market Reports
Clearwater Florida -We all know this Clearwater Real Estate Market has been slow for home sellers and last month I wrote an article wondering whether we were hitting the bottom of this down market.
Clearwater - Tampa - St Petersburg Home Prices and Sales Update
Well The Tam
pa Bay Business Journal reported some good news this week Tampa Bay / Clearwater home sales are up 11% year to year in the month of October. We believe this is because we are still in a strong buyers market with lots of home sellers resorting to short sales to get their homes sold since most owe more on their homes than they are worth.
I would say that at least part of the increase is homes sold is due to (1) Banks are now moving faster on these Tampa - St Petersburg - Clearwater short sale properties for sale. Unlike a local teacher we’ve been helping buy a home who had to wait 5 months to get a bank to approve the home sellers short sale request (showing the importance of having a Clearwater Realtor who is experienced in short sales be your listing agent).
The second factor we see is the difference when skilled short sale Realtors, like us, are representing the Tampa Bay home sellers and are able to often expedite the process for example one of our recent home sellers was delighted that we successfully negotiated with their bank to get their short sale approved within 2 weeks which means they were able to sell their home quickly for todays top dollar and not be chasing the market down or worse yet face foreclosure.
I wish it was ALL good news however if you’re thinking of buying or selling it’s important to note that we’re still in a strong buyers market and it’s hard to believe that Tampa - St Petersburg Clearwater “median sales prices were down 26 percent from $205,600 in October 2007 to $152,300 last month.”. Wow if you are thinking of buying a home now is still a great time and we are seeing great deals especially considering all the Clearwater short sales and pre-foreclosure properties for sale !!
Related article:
Clearwater - Tampa - St Petersburg Condo Prices and Sales Update
The news is not so rosy for those that want to sell their condominiums in the Tampa Bay real estate market. Only 399 Tampa Bay condos sold in October, which means the number actually selling is down 12 percent from Tampa Bay condo sales in 2007. The news is also bad for Tampa Bay condo prices as well - the median Tampa - St Petersburg - Clearwater condo prices dropped 28 percent from $173,300 to $125,200.
Looking to Buy a Clearwater Home?
If you want to buy a house in the Clearwater Florida area- we’ve made it fast and easy for you to search all the Clearwater homes for sale . Search just like a Clearwater Realtors and see all the properties being sold by all Clearwater Real Estate agents.
Search the Clearwater MLS (multiple listing service) of single family homes, condos, villas and townhomes. We specialize in helping you buy a Clearwater real estate bargain (foreclosures, short sales, REO or bank owned properties).
Do You Need Sell Your Clearwater Home Now?
Want to sell your Clearwater home? First you’ll want to ask, “What’s my home worth right now?”. Our experience shows it depends on where YOU live so we’re please to offer home sellers a FREE Comparable Market Analysis on your home for your neighborhood! No obligation, of course.
The reality is that today in the Tampa Bay real estate market homes are selling for what they sold for in 2004. If you bought your property in the last 5 years or utilized your home’s equity you may owe more on your home than it will appraise for which means selling for what you owe in todays market almost impossible without an approved short sale. It’s important that you act now, be proactive and get professional advice now.
Call us to schedule a FREE private real estate consultation to fully understand your home selling options (no pressure no hassles - guaranteed).
We’d helped many families who have a Tampa Bay - Clearwater home to sell, quickly and painlessly even in this difficult Tampa - St Petersburg Clearwater Florida real estate market. One of our happy home sellers even dubbed us the painless Realtors. In fact, we may already have a buyer for your property too because we understand that over 84% of home buyers today are finding their next house on the internet which is why when you use our Wise Home Selling Plan we make sure they are seeing your home first.
Whether you are buying or selling a home in Clearwater / Saint Petersburg / Tampa Bay Florida
Call us now and let us know what you need help with today! - 727-710-8036.
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Clearwater Real Estate - Help I Need to Sell my Clearwater Home and I Owe More than it’s Worth
November 28th, 2008 Categories: Clearwater Florida, Home Seller Tips, Real Estate News
I want to sell my Clearwater home but I’m Upside down on my Mortgage - now what?
Clearwater Florida -The first thing Clearwater home sellers need to know in this real estate market is “What’s my home worth right now?”. Our experience shows it all depends on where YOU live. Please ask for a FREE Comparable Market Analysis Report on your home so you can see what homes are actually selling for now in your neighborhood! No obligation, of course.
Unfortunately, Clearwater home sellers today are finding that Tampa Bay homes are currently selling for what they were back in 2004. If you bought your property in the last 5 years or utilized your home’s equity you may owe more on your home than it will appraise for which means selling for what you owe in today’s market almost impossible.
So what do you do when you need to sell your home and find yourself saying:
- I’m upside down on your mortgage
- I have negative equity in my house
- I owe more than my house is worth
- I’m facing foreclosure
- I’m unable to make my mortgage payments
- I’m getting Divorced
- I’ve lost my Job
- I’m relocating and moving away
- My adjustable rate mortgage is adjusting
If you find yourself in any of these situations we recommend that you find out all your options and please don’t be like 90% of home owners in pre-foreclosure who do not ask for help to negotiate a Short Sale with their bank(s), and to sell their home before the bank forecloses. This is not a time to just “hope things will get better” or bury your head in the sand or worse yet, operate from misinformation.
What is a Short Sale and How can it Help?
Basically, a Short Sale occurs when your home is worth less than the loans owed on the house (first and sometimes a second mortgage), and the bank(s) agree to let you sell your home BEFORE the bank forecloses and takes your property.
A short sale is where we negotiate with your bank and they agree to accept less than the actual amount you owe as payment in full, allowing you and the banks to avoid costly foreclosures. Realize you do NOT always have to be behind in mortgage payments to do a short sale. When the home sells the bank pays us a commission on your behalf for our services. You, as the home seller don’t pay us anything! A Short Sale proves to be a “win-win” solution for everyone involved.
Realize that the Short Sale is just one option the bank may choose when dealing with the situation. I repeat, the bank may choose - Yes, it is the bank’s choice and not yours! I won’t cover all of these options, but if you decide to have us sell your Clearwater property, we will work with you and your bank in an effort to get a short sale approved.
Clearwater Home Seller asks Can’t I just give the Keys Back to the Bank?
We understand the stress you’re feeling and the pressure these financial burdens are causing on you and your family, recently we helped a Tampa Bay family who felt the same way and they needed to sell their home quickly. They asked us for a no obligation CMA and they found out they owed at least $50,000 more on their home than their property would sell for today. Imagine their disappointment.
Frustrated and feeling at their wits end they’d never been in a situation like this before - they hadn’t missed any payments but they felt like it was just going to be a matter of time. They actually said they were ready to give up and just “give the house back to the bank” - this is one of the biggest myths out there. Please let us explain to you why this is a HUGE mistake! Thankfully this family agreed to take the time to meet with us so we could learn about personal situation and we were able to give them our advice based on our experience and their specific needs and help them determine their best options based on their goals.
The good news is that they decided to pursue a short sale and found we were able to successfully negotiate with their bank and help them quickly sell their home, getting rid of this heavy financial burden (which was staining their marriage). Now they are able to move forward to a new job in another state while having the whole short sale process go smoothly and stress-free.
Their bank even agreed to forgive the shortfall (deficiency) and paid all fees associated with our services giving them a fresh start. If you discover your best option is to sell your home and you owe more than your home is worth we recommend you choose Clearwater Realtors like us, that specialize in short sales and have the skills to help you remove this heavy financial burden from you and your family now.
Please know you’re not alone, a lot of Clearwater home owners are having financial problems today and these are just a few of the most common problems we hear about from friends, family and neighbors like you who call us to help them sell their home. We find many of these people have read or heard about a short sale and do not understand what this means, how a short sale occurs, and the ramifications.
It’s worth mentioning that we are not attorneys or accountants, and we highly recommend you talk to both an attorney and an accountant to receive their professional advice on how to proceed as one of the very first step you take.
Do You Need Sell Your Clearwater Home Now?
Again - if bears repeating - Please don’t be like 90% of home owners in pre-foreclosure who do not ask for help to negotiate a Short Sale with their bank(s), and to sell their home before the bank forecloses.
- Act now!
- Be proactive!
- Get professional advice Today with no pressure!
- Don’t go down with a sinking ship!
Call us now and let us know what you need help with today! - 727-710-8036.
Call us to schedule a FREE private consultation to fully understand your options (no pressure no hassles - guaranteed). Many home sellers are now understanding that a short sale is the option they’ve been looking for.
We have built our Tampa Bay real estate business from the beginning on helping home buyers and home sellers in our community like you.
Our personal mission is to be part of the solution - using our negotiating skills along with our short sale and marketing expertise to successfully sell your home and negotiate a short sale for you if needed.
We have the specific knowledge and skills needed to acheive your goals in this Clearwater real estate market. We will aggressively market your home to get a fast sale, and work very hard to get rid of your headaches and help make the deal go as smoothly as possible.
We have helped many home owners sell their Clearwater homes, quickly and painlessly even in this difficult real estate market. One of our clients who’s bought and sold lots of homes in Pinellas County even dubbed us the “painless Realtors”.
Clearwater Beach Real Estate Agents get Florida Seller’s Kudos
In fact, like the seller above says, we may already have a buyer for your property too because we understand that over 84% of home buyers today are finding their next house on the internet which is why when you use our Wise Home Selling Plan we make sure they are seeing your home first.
Looking to Buy a Clearwater Home?
If you want to buy a house in the Clearwater Florida area- we’ve made it fast and easy for you to search all the Clearwater homes for sale . Search just like a Clearwater Realtors and see all the properties being sold by all Clearwater Real Estate agents.
Enjoy our fully customizable search of complete Clearwater MLS (multiple listing service) of single family homes, condos, villas and townhomes. We also specialize in helping you buy Clearwater real estate.
Whether you are buying or selling a home in Clearwater / St Petersburg / Tampa Bay -
We are here to help you - Give us a Call today! - 727-710-8036.
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