Tampa Mortgage Blog

Tampa Bay Mortgage Refinance | Reasons to Refinance Your Mortgage

2008-03-19T09:41:57Z

Refinancing your mortgage loan can be a big decision for consumers. These days it's not just about getting a lower interest rate on your mortgage, there are many reasons to refinance.

Of course, the biggest reason: Lower your interest rate. This is one of the main reasons people refinance their mortgage. You can get a lower monthly payment and that can make a big difference in your monthly budget and the interest you pay over the term of your loan.

Another big reason in today's market: Get out of your adjustable rate mortgage (ARM). In the past couple years, many people were put into an ARM to save on a monthly payment or to qualify to get into their first home. The downside of these mortgages is when the adjust. That attractive rate now becomes a monthly burden when it adjusts. Many people at this point look to refinance to get the stability of a fixed rate mortgage.

Credit changes can also be a reason for refinancing. Some homeowners have to take a higher interest rate if their credit is bruised. When the time comes that their credit is in a better standing, they could consider refinancing to a lower interest rate that they would qualify for.

Some consumers have the flexibility to change loan terms from a 30 year loan to a 15 or 20 year loan, thus building equity faster. If a consumer is in a position to afford the monthly payment on a shorter term loan, they save a large amount in finance fees and pay down the loan balance faster

Another reason to refince is to pull out equity you have established. By utilizing a cash-out refinance, a homeowner can use the equity they have to turn into cash. It could be to pay off credit cards, do repair work on a home, finance college costs or just personal spending money.

Whatever the reason may be that a homeowner needs to refinance, I am committed to discussing the options with you and helping you determine what program are available and what makes the most sense. I am keeping a close eye on interest rates and now is a great time to consider a refinance. Please contact me for a complimentary consultation.

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Your Tampa Bay Mortgage Professional

Leah Ross, XCO, AmeriFirst Home Mortgage

Please feel free to contact me via email at LRoss@AmeriFirst.com or Phone 813-643-8430 or 269-488-9527

FHA Tampa Mortgage | FHA Loan Limits Increased

2008-03-07T09:49:52Z

FHA Loans in Tampa, Florida and throughout the US are going to become even more useful now as the President has finally signed the Economic Stimulus Bill which increases the FHA loan limits by county. (To determine your maximum loan limit, please use the following link to HUD.)

What does this mean to the consumer? For consumers, many people could not take advantage of FHA loans in the past for purchases or refinances because of the low loan limit....now FHA loans can be used for higher loan amounts...in Hillsborough County, this means we can use FHA loans for loan amounts up to $292,500 for a single family home.

What is the benefit of using an FHA loan?

Lower down payment - Typical FHA standards say that the borrower must have a 3% down payment. However, with the help of down payment assistance programs, like AmeriDream, borrowers can have that down payment gifted and in turn have a zero down loan.
Reduced Credit Standards - FHA is more lenient on borrowers with limited or bruised credit history, with no true minimum credit requirement.
Higher LTV allowed on cash-out refinances - Standard conventional guidelines say that a borrower can "cash-out" up to 90% of the value of their home. However, in our declining market environment, that number is reduced by 5%. This is a problem for many homeowners trying to get our of their adjustable rate mortgages. With an FHA loan, a borrower can cash-out up to 95% of their property value.

What does this mean for REALTORS?

FHA has made some significant changes in their underwriting criteria. In the past, FHA inspections were required to make minor repairs for cosmetic defects, or normal wear & tear. Now, FHA has revitalized to a underwriting process much similar to conventional loans, making it easier for consumers to use and REALTORS to promote FHA products.
Ability for Seller to offer concessions to sell their homes - FHA allows the seller to "gift" the 3% down payment through AmeriDream. In addition, the seller can give up to 6% of the sales price to the buyer for closing costs, prepaid expenses and points.
If you have a listing that isn't selling because the home needs some improvements such as new flooring, windows or updated appliances - the new FHA mini rehab program allows buyers to finance as much as $35,000 into the mortgage for minor repairs that would be completed after the sale.

FHA Mortgage Loans are going to become a more vital way for consumers to get the best out of their mortgage options for purchases or refinances. If you are a consumer who has recently been turned down for a conventional loan or were told that you have to bring more money then you have to closing, please feel free to contact me for a complimentary consultation to see if the new FHA program is right for you!

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Your Tampa Bay Mortgage Professional

Leah Ross, XCO, AmeriFirst Home Mortgage

Please feel free to contact me via email at LRoss@AmeriFirst.com or Phone 813-643-8430 or 269-488-9527

Understanding the Mortgage Market | Dropping Rates?

2008-02-28T08:21:02Z

Mortgage Rates Dropping...What's the lowest rate? This topic is a conversation I am having at least 5 times a day from Michigan to Florida. So, I figured let's get the information all out on the blog and via the e-zine and we'll all be on the same page!

The conversation goes like this....you ask: "Leah, I heard mortgage rates are dropping...I saw on the news and in the paper that they are going to drop the interest rates again by another quarter of a point...How low are they going to drop?"

Now, my response...keep in mind I try to keep it simple and not to heavy on the economics: "Actually, this is a very confusing topic. The majority of what you are hearing on TV and seeing in the newspaper is talking about the Fed Funds Rate or the Discount Rate. This is what the "Fed" controls. This is the rate that has been dropping recently. We call this rate the short term rate. Short term rates affect loans that are based on the Prime Rate, most likely home equity lines of credit."

"What controls our 15, 20, and 30 year fixed mortgages, or what we call the long term rate, is the bond market. These two rates are not directly tied together. When the Fed cuts the short term rate, it doesn't have a direct impact on the long-term rates, rather the bond market dictates long term rates. The Fed has been dropping the short term rate to keep inflation in check. It's when the bond investors think the Fed is letting inflation get out of control that the long the long term rate is affected."

It's really a matter of economics and understanding this small piece will hopefully give some insight on when is the best time to purchase or refinance. Rates are still low although we've seen them rise the past month. If you'd like to know if it makes sense to do something for your particular situation, have concerns about a refinance or just want some honest information, please give me a call. As your mortgage consultant I'm here to take the mystery out of the mortgage market, answer your questions and "pilot" you through the turbulence of financing or refinancing your home.

If you're receiving mortgage solicitations in the mail and on the phone and need some home understanding them, I'd welcome the opportunity to act as your interpreter and give you the facts!

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Your Tampa Bay Mortgage Professional

Leah Ross, XCO, AmeriFirst Home Mortgage

Please feel free to contact me via email at LRoss@AmeriFirst.com or Phone 813-643-8430 or 269-488-9527.

Tampa Jumbo Home Loan | Appraisal Guidelines to Know

2007-09-17T08:02:18Z

Tampa Florida is home to many luxury homes. In addition, it is common for buyers to take out a mortgage for the purchase of their luxury homes. For many of these buyers, it is necessary to have a jumbo or super jumbo mortgage.

The question has been raised before of when it is necessary to have more than one appraisal on a property. Now, every mortgage lender has their own requirements, but in general certain high loan amounts will require an additional appraisal. The following are our appraisal requirements in regards to jumbo and super jumbo mortgages:

Generally, only one appraisal is required on loan amounts up to $1,000,000.
For loan amounts from $1,000,000 to $1,500,000, one full appraisal and a field review or two full appraisals must be completed.
Two full appraisals will be required on loan amounts greater than $1,500,000.

When two appraisals are required, generally the appraisal with the lower value will be used.

You may ask why Jumbo and Super Jumbo loans have these additional requirements. It is because of risk. Just like a borrower with a below average credit rating has additional qualifications, so do the high loan amounts associated with jumbo loans. I recently wrote a post to this subject.

If you are a local REALTOR working with a luxury home buyer, you may want to be aware of this additional requirement. Consult your mortgage professional to find out up front if you may have to have more than one appraisal completed.

If you are a luxury home buyer in Tampa Bay and would like to know your options for your purchase and jumbo mortgage requirements, please feel free to email Leah, directly for a complimentary consultation.

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Leah Ross, Tampa Mortgage Consultant, proudly serving South Tampa, Davis Island, Harbour Island, New Tampa, Brandon, Westchase, Clearwater, St. Petersburg and the remaining Tampa Bay area.

Tampa Clearwater VA Mortgage | Understanding Qualifying Ratios and Income

2007-09-10T21:59:51Z

A Tampa VA buyer in Clearwater recently worked with me in getting his VA approval for a home loan purchase in Clearwater, Florida. When he came to me, he was a bit concerned about qualifying for the VA mortgage because of his debt-to-income ratio. What this means is his total monthly debt compared to his gross monthly income.

Standard VA guidelines day that a lender can go up to a debt-to-income ratio (DTI) of 43%. In my Clearwater homebuyers case, he was at 55%. Oops...

With standard conventional financing, he was approved through the automated underwriting system, so the DTI was not an issue. However, for this particular home buyer, his VA funding options was the best choice to get him the lowest monthly payment, lowest closing cost and lowest interest rate. In other words, I HAD to make this work.

Luckily, I found a loop hole! With VA financing, borrowers are also qualified on their residual income, in addition to their DTI. This meant, if his residual income fit within the guidelines, we were okay to move forward with his loan approval. Now, you may be asking...what the heck is residual income? Let me explain. Residual inomce is calculated as follows:

Gross Monthly Income - (less) Federal Income Tax - (less) Social security - (less) PITI - (less) home maintenance fee (which is $.14 per square foot) - Montly credit debt

This net figure is the borrowers "residual income".

Now, if the DTI is above normal qualifying ratios (43%), then the borrowers residual income must be 120% above the residual income requirement for the region and the number of people in the household. AND, in my borrowers case, we were golden!

This VA loan worked out as approved because I found the way to make it work! If you are considering a VA loan in Tampa Bay, Clearwater, or St. Petersburg and would like to discuss your options with a Professional VA Lender, please call or email me for a complimentary consultation.

Information provided by your Tampa Mortgage Professional, Leah Ross. Proudly serving South Tampa, North Tampa, Westchase, Brandon, Clearwater, St. Petersburg and the remaining Tampa Bay area.

View more mortgage posts on my Tampa Bay Mortgage Blog.

Tampa Mortgage | Lender Taken 'Em To The Gun Show

2007-09-07T11:56:13Z

Troubled credit history, lack of income, no down payment...all reasons this Tampa lender has to flex my muscles. Oh yes, as this title states, I am dusting off my gloves and taken' em to the gun show!

In today's market, as a loan officer, I have to fight even harder for my customers. Recently, I had a home buyer referred to me who had a couple issues....mainly lack of sufficient overtime income to qualify for the home he wanted. So what did I do...I fought. I made a case for my buyer of why we should be able to include the overtime income he received, although he didn't have a two year history of receiving it. I showed by underwriter his previous history, the strengths in the file and most important, why this loan made sense.

Today, consumers looking for a mortgage need a lender working for them who is willing to put in the time and effort to make things happen for their customers. With my borrower, I put in about 5 extra hours on his file just getting through the income. And guess what...I got the loan approval.

Although I have not yet been caught for carrying these weapons...I break them out when I have to!

If you know someone who needs a mortgage lender who means business...I am in the ring and in your corner. Put me to work and let me flex my muscles!

For a complimentary consultation on what I can do for your situation, please contact me, Leah Ross, Your Tampa Mortgage Professional.

Proudly flexing my "lending muscle" for South Tampa, North Tampa, Westchase, Brandon, Clearwater, St. Petersburg and the remaining Tampa Bay area.

View more mortgage posts on my Tampa Bay Mortgage Blog.

Tampa Mortgage Lender Explains...What Is Happening In the Mortgage Market?

2007-09-07T10:48:19Z

Everyday I am surrounded with the issues of the current mortgage industry. From customers wanting explanations to Realtors wondering how this will affect their business. I took a moment this morning to explain my feelings on what is currently happening in the industry.

Please take a moment and watch this short 2-minute video where I discuss the current mortgage industry and what it means to you, your customers or your friends...

If you are considering purchasing or refinancing your Tampa mortgage, please call or email me for a complimentary consultation. I am happy to help you make an informed decision about your Tampa mortgage options.

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Information provided by your Tampa Mortgage Professional, Leah Ross. Proudly serving South Tampa, North Tampa, Westchase, Brandon, Clearwater, St. Petersburg and the remaining Tampa Bay area.

View more mortgage posts on my Tampa Bay Mortgage Blog.

Tampa Mortgage Lender Begs..."Please Don't Pass Gas When I am Right Here!"

2007-09-06T15:20:42Z

In my South Tampa home, we have a new rule...no passing gas! The man of the house isn't too happy about it, but it is a must. He says..."it doesn't smell"...but that's the silent but deadly part. There is no smell.

Guess what...It's carbon dioxide gas and I don't want it around me or ruining my beautiful environment!

Many people believe the things they can't see or smell don't exist. Well, I am here to tell you that carbon dioxide does exist and we need to make a difference to stop global warming. I love our climate in Tampa Florida and I would like to continue to enjoy it for the next 50 years.

Imagine....Tampa being one of the cities that contributes the least amount of carbon dioxide...we could be nationally recognized. Next thing we know, everyone want to purchase and live in Tampa! Oh, what a beautiful thing it would be.

Let's work together to limit the amount of gas we pass around each other. Here are a few simple things we can do to save carbon dioxide:

Change a Light - You can save 150 pounds of carbon dioxide a year by just replacing one regular light bulb with a compact fluorescent bulb
Check Your Tires - Poor tire pressure wastes gas. Keeping your tires inflated property can improve gas mileage by 3% and every gallon of gas you save in turn saves 20 pounds of carbon dioxide
Wash Your Clothes in Cold Water - Saves about 500 pounds of carbon dioxide per year
Plant a Tree - One tree can absorb one ton of carbon dioxide over it's lifetime.
Unplug Your Electrical Devices - Unplugging electronics when they are not in use can save thousands of pounds of carbon dioxide a year.

We all want to live in the best environment possible. Here in Tampa, homeowners want nothing less. One small change can go a long way.

I have replaced over 10 bulbs in our house with the compact fluorescent model. I only wash in cold water (thank you Tide for cold water). I have 5 huge trees in my little South Tampa yard and we just bought another one to plant last weekend. I use Eco-Friendly Pest Control. And, upon doing this research, thanks to the help of one of my wonderful friends, Melissa Meehan with the Southern Alliance for Clean Energy, I have learned today about turning off and unplugging my electrical devices (thank you Melissa). If you have questions about how you can make responsible energy choices that solve global warming problems and ensure clean communities, please feel free to click here to email Melissa.

If you are interested in more information on the truth about Global Warming, please check out http://www.climatecrisis.net/

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This information provided on behalf of your dedicated Eco-friendly Tampa Mortgage Professional, Leah Ross. If you are interested in ways you can make your home more energy efficient, please email or call me. I proudly offer my mortgage services in South Tampa, Tampa, New Tampa, Brandon, Westchase, Clearwater, St. Petersburg and the rest of the Tampa Bay area.

South Tampa Mortgage | Jumbo Loan Financing Takes a Beating

2007-09-05T15:12:26Z

For luxury buyers in South Tampaand throughout Hillsborough County, there is a bigger hurdle for financing the dream home...the Jumbo Mortgage.

If you are not familiar with the term, "Jumbo Mortgage", it is a type of mortgage for individuals looking for a loan over the conforming loan limit. The conforming loan limit for our area happens to be $417,000. Hence, a buyer looking to purchase a million dollar home and take out a loan for $700,000 may need a Jumbo Loan.

The roller coaster events in the mortgage industry have caused lenders to take caution with the Jumbo and Super Jumbo loan market, just as they do with any other risky loans, including subprime mortgages. While the Jumbo loan market is not as bad as the subprime market, we are seeing the following affects to Jumbo loans:

~ Increase in Fixed Rate Mortgage rates, roughly 1 point higher than standard conforming interest rates

~ Tightening of documentation requirements

~ Lower LTV limits

~ Increased scruitiny of the appraisals

This message is meant as education for my local buyers to be aware of what to expect when setting up your Jumbo Loan. I spoke to a client today and he was a bit shocked by the difference in interest rates versus where they were a year ago...oh yes, how times change!

If you are purchasing a home in the Tampa Bay area and need to consider Jumbo or Super Jumbo loan financing and would like a complimentary consultation to your financing options, please email or call Leah Ross, Your Tampa Bay Mortgage Source.

Proudly serving South Tampa, New Tampa, Brandon, Westchase, Clearwater, St. Petersburg and the remaining Tampa Bay area.

Tampa Mortgage Refinance | Help for Delinquent Payments

2007-09-05T14:45:20Z

Being behind on mortgage payments can provide a huge hurdle for borrowers looking to refinance into a more affordable interest rate. HUD recently announced a new refinance program available through FHA called "FHASecure". The refinance program is for borrower who are feeling the effects of a subprime adjustable rate mortgage and have become behind on payments because of the increase in their monthly payment.

The ideal candidate for this program is a homeowner who:

Made all their mortgage payments on time, until the adjustment of their interest rate began and caused a financial stress.

This FHA program is great because it provides flexibility in qualifying by allowing borrowers to finance their delinquent payments into their new mortgage. In addition, if the new FHA mortgage is not enough to pay off the existing first lien, including arrearages and closing costs, FHA is allowing the lender to execute a second mortgage at closing for any difference.

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To read more about FHA mortgages, visit this link:

Tampa Mortgage | FHA, VA, Governement Loans

View my original article an other Tampa Mortgage articles at www.tampabaymortgageblog.com

Interested in seeing if this refinance program is an option for your situation, please email Leah Ross, your Tampa Mortgage Source.

Active Rain Week in Review 8/12/2007 - 8/19/2007

2007-08-20T02:08:38Z

When Neal Bloom asked me to do the Week in Review, I offered to hang up my beach towel and take a Sunday off from my favorite beach to read all your articles. So, today, no beach and umbrella drinks for me, however I have the honor of bringing you my favorite articles from the past week.

Leah's Beach Forecast: Active Rain

Beach Blogging:

Have you thought about using a blog to benefit your neighborhood? ~ Joanne Hanson

Joanne gives insight on a creative way to use blogging to build goodwill in her neighborhood. A great members only post that everyone should read.

An Alphabet of Localism Post Ideas (S) ~ Mariana Wagner

Mariana has put together an excellent alphabetical listing of ideas to cure the bloggers writers block.

Blogging Trends -- Magical List of Woman Bloggers ~ Colleen Kulikowski

Colleen shares what she discovered on an outside blog. A special dedication to Women Bloggers.

The Problem With Alexa Rankings - Accuracy ~ Jeff Turner

A view into Jeff's research on Alexa's accuracy.

AR Blog versus Outside Blog - My list of Pro's and Con's ~ Cyndee Haydon

The question still remains, Active Rain versus outside blog...Cyndee gives us her professional insight.

BLOGGING WILL NEVER CATCH ON WITH REAL ESTATE AGENTS ~ Lenn Harley

Blogging for Business...Why All of Us Have a Head Start...

Surviving the Rough Waters:

Sellers should answer this question...Do you want to own your home or do you want to sell your home? ~ Neal The Real Deal Bloom ®

Neal explains how the "dust" in the listing market can be cleaned up with the help of professional advice.

What My Kitten Will Teach You About This Market ~ Sarah Cooper

Need to figure out how to survive this market...get free advice from Professor Thor.

Doctor, Doctor! Give Me the News, I've got a Bad Case of Real Estate Blues! ~ Teri Eckholm

Teri answers the question...is there a magic pill for this market? Is it blue, yellow or white?

Putting On The Red Shoes ~ Maggie Dokic

Like Maggie's hot red shoes, what do you have in your business tool closet that you may have forgotten about?

Financing Fun in the Sun:

Alt-A -- What is it, and does it still exist? ~ Joe Kupiszewski

Joe puts together a good explanation of the types of Alt-A mortgage loans that may or may not be available tomorrow.

FHA Streamline Refinances -- knowing your options -- Part 2 of 2 ~ Jeff Belonger

Jeff puts together his final article in the series on FHA streamline refinances. A great informational article for consumers interested in exploring all the options.

The Stockdale Paradox ~ Mike Mueller

Mike gives us a creative twist on the pre-approval process

Mortgage Advice for Hurricane Season ~ Matthew J Blum

Matt gives us all the "need to know" information as it pertains to your mortgage and our current hurricane season.

The Beaches Love Eco-Friendly:

Tech-savvy and Eco-friendly in Albuquerque ~ Ashley Drake Gephart

Ashley shares some ways we cdan be Eco-Friendly and still be tech-savvy

Schools Earn Cash for Trash ~ Susie Roscoe

Another article focusing on Eco-Friendly ways to be involved.

Sipping Umbrella Drinks:

Financial Advice In A Short, Classic SNL Video ~ Cheryl Johnson

Debt management the Saturday Night Live way. This advice is "priceless".

Cheers and happy Beach reading from your Tampa, Florida Mortgage Source!

Tampa VA Mortgage | Loans Like Las Vegas...Cards and Wedding Chapels

2007-08-15T20:38:39Z

Tampa veteran home seekers looking for a mortgage often call and ask general questions. The most recent question came to me over a game of cards. Let me explain...

We have very good friends here in South Tampa. They recently came over for dinner and a friendly game of Euchre. Over cards, we were discussing our friends upcoming wedding. They are planning on getting married in October of 2008. Our friends told us they were also planning to purchase a new home in the upcoming year before the wedding and were asking questions about VA Mortgages, as Jim is a veteran. They want to purchase a home together using Jim's VA Eligibility. The issue we have, they both need to be on the loan to qualify for the house price they are looking for in South Tampa. The bigger issue with their VA mortgage, they are not married, and as already noted, they both need to be on the loan.

Mortgages that are guaranteed through the VA require the borrower and co-borrower be married. Now, there are exceptions to this rule for widows and in a few other cases, but in general there is a required legal bond.

Guess what this means, our friends could be headed to the Chapel of Love!

Have questions about your options for a VA mortgage in Tampa Bay? Email me, your Tampa Mortgage Expert, and ask away.

Read other articles on VA Mortgages:

VA Loans | Should I Use My Eligibility?

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Read my original article and more at My Tampa Mortgage Blog

South Tampa Home Mortgage | Should I Pay Off My Mortgage?

2007-08-13T14:23:30Z

In Tampa, Florida home owners and future home buyers have been hearing quite a bit of talk from newspapers, television and the Internet on the "Mortgage Accelerator" programs. Have you heard of them? They can go by the name "mortgage accelerator" or "all-in-one" mortgage. The product is simply a liability manger and offers users a financial tool for homeowners to pay off their mortgage and leverage their own income. I wanted to take a moment to give you more information on this product. There are an increasing number of mortgage companies offering this product and it is important to me that you have a good knowledge of how it works from your Tampa mortgage source!

You may be thinking...pay off my mortgage? For years the standard answer has been "NO"! We have been obsessed with the mentality of ‘leverage', and trained to use record low mortgage rates to our advantage as cheap money to be invested elsewhere. We have gone from consumers who only buy what we can afford, to financing everything in hope for a bigger payoff. But the fact is that the only real result of this has been that we are no longer a nation of savers. Today, baby boomer's are approaching retirement with less than we need banked. So, how will we fund our retirement? 85% of homeowners are counting on home equity to support their retirement plans! Not a bad plan, except that price appreciation is easing and interest rates are rising. So, retirement is looming, most notably for Baby Boomer's, and the price appreciation we are counting on may be taking a break just when we need it the most.

So, we need a fresh solution. If we can't count on appreciation to build equity, we need to pay down our mortgage debt more aggressively to build equity. The best solution is to ‘retire' your home loan debt before you retire so that you don't have to use some of your hard-earned retirement money to make mortgage payments or worse, sell the house and downsize.

Retiring without a mortgage allows for a lot more options:

You can stay in your own home for a while
You can downsize and have a sizable chunk of equity to invest
You can travel more to see family and the world

There are quite a few programs that I have heard about and researched, but only one tool that actually helps your accomplish this retirement objective. The product is called the ‘Home Ownership Accelerator'.

It allows you to do something for yourself, putting your own money to work more aggressively:

Saves thousands in interest
Pays off your mortgage in about half the time
Does not force you to change your spending habits to accomplish your goal

Mortgage lenders have always done a very good job at getting us into a home through affordable payments, deferred interest, etc. For the first time, the lending business is focusing on helping to make the end of the process (paying off the debt) easier.

So how does it work?

With the Home Ownership Accelerator, home owners direct-deposit their entire paycheck into their home loan account, instead of their checking account. This immediately reduces the principal balance. Since interest is based on the daily balance, they start saving interest immediately compared to traditional loans. This first step in the process leverages your own cash flow, your are essentially ‘earning' loan rate rather than checking account/savings rate. You are lending money to yourself, instead of the bank. With the program, an average borrower with good cash flow could pay off their home loan in as little as half the time - with no changes to spending habits. In fact, many homeowners will pay off even faster depending on their cash flow.

We need to take control of our future financial planning NOW to make sure we live a comfortable retirement. More and more tools are available to help us get there. This new product, the Home Ownership Accelerator, is an exciting addition to that tool box. It is a niche product that should be discussed with everyone who is involved in your finances, from your mortgage consultant and your financial planner to your CPA. With the right advise, you can confirm this is a product that will be a benefit for your fiancial future!

Take a test drive of this mortgage program to see for free how it would work for you. Contact your Tampa Mortgage Professional, Leah Ross, for a complimentary consultation.

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My original article on this subject is located on my Mortgage Blog (follow the link to read more!).

More Articles on the Home Ownership Accelerator:

South Tampa | Mortgage Accelerator

South Tampa | Home Goes Green ~ Eco-Friendly Pest Control

2007-08-10T15:27:55Z

My South Tampa home needs regular pest control. We live in the heart of Tampa Bay and thus have lots of bugs to contend with.

While researching different pest management options, I found a Eco-friendly solution from a local pest provider, Florida Bug Runners, Inc. Dave Patrias who owns the Florida based termite and pest control company informed me of a new EcoSMART(r) pest control product.

Many South Tampa homeowners are looking for ways to become more GREEN and implementing eco-friendly pest control is a great way to protect our environment, families and pets.

Dave provided me with some great information about the EcoSmart products, which are a blend of botanical oils that effectively target pests, not people or pets. I found that the plant oil active ingredients target and block a key neurotransmitter receptor site found in insects, however mammels do not have the same receptors, so there is no adverse effect. Many of the plant oils are approved for food and beverage consumption by the U.S. FDA.

Listen to Dave tell us more about what he does and these Green Friendly Home Products:

I gladly promote the service of Florida Bug Runners and encourage any South Tampa or Pinellas County home owner to call Dave at 727-733-2700 or email him at floridabugrunner@verizon.net for the same service. If you are looking for a Tampa mortgage, Dave is also available for inspections!

Tampa Mortgage | Escrow Pitfalls with Property Taxes

2007-08-02T14:52:00Z

Tampa Mortgage: Escrow Information for Tampa Consumers

"The mortgage payments on my new Tampa home increased $300 this year!" This is a common phrase here in the Tampa Bay area. Many buyers are currently experiencing the pain of an increasing mortgage payment because of an escrow shortage.

Why Does This Happen?

When a mortgage lender calculates your escrow payment, they base the tax escrow on the most recent tax bill. Let me give you a hypothetical example:

123 AnyStreet, Tampa~

2006 Taxes - $3,219.00 (based on a taxable value of $150,000)

Now, for the mortgage lender to calculate what the escrow payment will be, they take the yearly tax amount and divide it by 12 (for 12 months). So, in our example the monthly tax escrow would be $268.25 ($3,219 / 12).

How Does the Mortgage Escrow End Up With A Shortage?

The biggest pitfall has to do with the taxable value. Let's continue to use our example. Say Mr. And Mr. Buyer of this home on AnyStreet purchase this home for $350,000. The previous taxable value was much lower because that owner had a Save Our Homes tax break and had lived in their home for many years. When the Buyer's get their mortgage, their payment is based on the old tax bill. Well, a year later, when their next tax bill comes due, it has gone up to $6975.00 per year! What an increase!

Now, they only have roughly $3400 in their escrow account. The mortgage company will go ahead and pay the higher tax bill. However, now the Buyers have a shortage in their escrow account!

How Does This Make the Payment Increase?

If we continue with our example, the buyers now have a shortage in their escrow account of $3,575.00. The lender gives them the option of paying it off in one lump sum or paying it monthly. The monthly payment will be $297.92 ($3575 / 12).

On top of the shortage, their new tax escrow is based on the new tax bill $6,975 per year, or a monthly escrow of $581.25.

See what happens, now the total escrow payment for taxes is $879.17, versus their original $268.25...a difference of $610.92 a month! Could you handle that kind of an increase in your payment?

The important piece here is making sure you get the full story from your mortgage lender. They should be explaining to you what will happen to your taxes, based on the taxable value and be able to give you some insight on any major increases over the next year.

If you are looking for a home in the Tampa Bay area and would like to work with a Tampa Mortgage professional who has your best interests in mind, please email me at LRoss@AmeriFirst.com for a complimentary consultation.

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Tampa Bay | Hillsborough County

Click the Link to Use the Online Tax Estimator

Tampa Bay Mortgage | A Smooth Homebuying Process

2007-07-30T20:46:25Z

Tampa Mortgage: Finally...the documents have been signed, the income documents have been verified by the lender, the inspections have been completed and your mortgage loan is ready to be finalized. Breathe easy, right? For most new homebuyers, now the stress begins. The commitment of the loan, the uneasy feeling of what is suppose to happen at this "closing" everyone keeps talking about. What is it all about anyway?

The term "closing" has been used in the real estate industry to signify the final document signing and the finalization of the sales agreement. Here, the "i's" are dotted and the "t's" are crossed, the mortgage loan is funded to the title company and the seller passes the title to the home to the new buyer.

It shouldn't be a stressful time, it is a celebration! For the homebuyer, they are now officially the homeowner. The dream home is finally their own.

My team and I work hard for our Tampa Bay buyers during the process and prior to the closing to make sure the transaction ends in a true celebration. Here are a few of the key points we focus on to ensure our buyers the best service:

I guarantee my fees on the Good Faith Estimate. When we get the final settlement statement (also referred to as the HUD-1), we balance the statement to the Good Faith Estimate to ensure we quoted the loan accurately and no hidden fees on the loan were charged at closing.
We keep all parties in the process, updated during the transaction. This means we update the buyer, buyer's agent, seller's agent and the title company all posted weekly on our progress on the loan. By taking this extra step during the homebuying process, this avoids any surprises during the process to prevent it from getting to a smooth celebration.
We send our final package to the title company at least 48 hours prior to closing. We are diligent at delivering a complete loan package in sufficient time for our closing date. By being proactive, we are able to ensure we can provide a customer a final settlement statement for review in plenty of time prior to the set closing time.
I attend all my closings. I make sure that I am at the Tampa Bay celebration to answer any questions and support my customer during this exciting celebration.

In the Tampa Bay Real Estate market, my team and I are committed to delivering the best service in the market. By teaming with excellent partners in the industry and managing a smooth mortgage transaction, we can provide unmatched attention to our customers.

We recently had a wonderful celebration for a Clearwater Homebuyer with our Clearwater Home Team. Click here to see a recap of this special day on Cyndee Haydon's blog.

After the transaction, our Clearwater homebuyer was willing to share her experience with our team, just for you:

If you looking for a professional real estate team to help you in Tampa, Clearwater or St. Petersburg, Florida, please do not hesitate to contact Leah Ross, your Tampa Mortgage Expert for a one-of-a-kind experience.

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View my original article on my Tampa Mortgage Blog

Leah Ross, Tampa Mortgage Consultant

I Spent Four Days Without My "BFF" | Confessions of a Tampa Mortgage Blogger

2007-07-23T22:08:03Z

First, you may be thinking..."BFF, what is that?". I am really a sad story. My BFF, otherwise known as Best Friend Forever, is my laptop and wireless Internet at home. Can you believe how easily we get caught up in the ease of use of our technology?

I am a serial mortgage blogger. By this, I mean I sneak into a corner of the house with my laptop and have quiet to get some "important work done"...for me, it is important. My fiance' insists I am playing on the internet. He says, "Honey, I know how important blogging is to you...". So, enough history, you can clearly see I enjoy my time to blog and the wireless internet in my house that allows me to work just about anywhere. Disclaimer: Don't worry, it has never been in the bathroom with me!

Since Friday at 6pm, I have been without my best friend, my home internet service. It was a difficult couple of days and I found myself just sitting and staring at the computer, hoping some miracle would happen and a star from heaven would drop internet service to my house. Needless to say, it didn't happen.

Yesterday, the local Tampacable guy came and delivered the bad news that I wouldn't be getting my service yesterday with some long drawn out story about why we had to wait for another set of technicians. Hello?!? Dude, all I need is my internet. Can't you tell from my shaking I am going through withdraws? I tried to bribe him with anything I could find in the house. I offered the dog...no deals....cold beer...no can do...I even tried offering off the neighbors cat with no luck. No service for me!

Today, a new cable guy came and after 2.5 hours...we have internet again! My lifeline has been restored! I am so excited to say I am sitting in my comfy chair, again, blogging to you all. I am catching up on some good reading and happy to be back in the loop. And, I can't imagine being alone without my BFF again in the future.

Happy reading to you all. More great mortgage articles from your Tampa Mortgage Expert to follow. If you missed me and need some good mortgage information for reading...check out these great articles:

VA Loans In Tampa | Should I Use My VA Eligibility?

Tampa Rehab Loans | Financing a Fixer-Upper in Tampa Bay

Investment Properties in Clearwater, Florida | What Buyers Need to Know

~Brought to you by Your Tampa Mortgage Source

Tampa Mortgage - Road Map for Buying a Home

2007-07-18T07:49:02Z

Tampa homebuyers...ever just think "Ug...the process is too much!" Many home buyers, in Tampa and throughout Florida, like to have a plan when going through the process of qualifying for a mortgage and buying a home. There is so much information available on mortgages, but sometimes it is just too much for a consumer to sort out on their own. When my customer is a first time home buyer, I can anticipate they like to know what to expect from the home buying process.

I will never forget one experience I had with a gentleman that was referred to me by a past client. He was 36 and had lived with his parents his whole life. He made good income at his job and was sure he was finally ready to buy a home. After the closing he said, "Leah, if I would have known buying a house and getting a mortgage was going to be this simple, I would have done it a long time ago. I was just nervous and didn't understand the whole process". Hence, my roadmap for the homebuying process.

Here Are the Simple Steps for Getting a Loan and Buying a Home in Tampa:

1. Call your local mortgage expert to discuss your options

2. Sit down with your mortgage consultant and discuss your current financial situation

3. Obtain a mortgage credit report with your lender and review the information provided for accuracy. In some cases, you may need to put in a little bit of work on this step, but the result will be a better loan program.

4. Determine what price range for homes is for you. Make sure you have established a "comfort payment" with your lender and you stick to your budget.

5. Review your available cash to close

6. Review down payment assistance and closing cost options

7. Obtain loan approval from your lender

8. Begin your home search

9. You make an offer on a home and it is accepted

10. Appraisal and inspections are completed

11. Your loan documents are prepared and sent to the title company

12. You sign your documents

13. You receive your keys and move in

14. You rave to all your friends, family and co-workers about how easy your Tampa home loan professional made the whole process

With a good plan, anything is possible. If you are ready to start your home buying plan, contact your Tampa Mortgage Expert, Leah Ross.

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To read more articles on the mortgage process, please click to visit my Tampa Mortgage Blog.

Tampa Bay Mortgage | Can't We Date Before We Get Married?

2007-07-16T06:22:14Z

Tampa Bay, Florida ~ What has happened to the courting process in our mortgage services industry? I receive at least one call a week from a potential home buyer or home owner looking to refinance in Tampa and these consumers are just interested in "finding out their mortgage options".

It's okay! I am happy to discuss options with a consumer without having to pull a credit report or push them into a mortgage with me.

Many times, consumers are just looking to discuss their options with a professional. And they have every right to do so! I believe that our industry has been filled with order-takers who have been trained to pull a credit report and then sell a mortgage program. This is so unfair to the consumer who really needs to be educated and understand all the options available. If a Tampa mortgage professional isn't willing to discuss general options first, they probably aren't a true professional.

As a Tampa Mortgage Expert, I am willing to talk through some different options with my customers before we commit to loan application. After all, shouldn't we date before we commit to a relationship together?

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View the entire article on my Tampa Mortgage Blog

Leah Ross, Personal Mortgage Consultant

Tampa Mortgage Refinancing | Does It Have To Be So Complicated?

2007-07-13T17:11:09Z

Homeowners in Tampa, Florida and across the U.S. hear the option of "refinancing" their mortgage on a daily basis. On T.V, in the mail, from friends...but what does it really mean? As a local mortgage expert, I will break down the three main mortgage refinancing options. (There are hundreds of loan programs that fall under each category. Contact your local mortgage professional to find out what options are available for you.)

Option #1 - Rate and Term Refinance

With a rate and term mortgage refinance, you will reduce your rate or your term and possibly reduce your monthly payment.
With this option, you should consult with your mortgage professional about the new term of your mortgage versus how many years you have remaining on your current mortgage.
This option is also widely used when moving from an adjustable rate mortgage to a fixed rate mortgage.

Option #2 - Cash-Out Refinance

This means taking out a new mortgage for more than the balance of your current mortgage.
With a cash-out refinance, you can pull equity out of your home in the form of cash. Some homeowners use this option to consolidate debts, pay for home improvements or pay for other items.

Option #3 - Second Mortgage or Home Equity Line of Credit

This is a new mortgage that will be added to your home, in addition to your current first mortgage.
Most home equity accounts work line a credit card, where you have an access to the line limit and make interest-only payments for a specified period, although the line can be paid down at any time.

Which option is best for your financial situation? You should consult with your local mortgage professional and explore your options. Some items to consider in making your decision:

What are your short and long term financial goals?
What are your current mortgage rates?
How much equity do you have in your home?
How long do you plan to stay in your current home?
What is the cost for your refinance?

A mortgage professional will be able to sit down with you and help evaluate your personal refinance options. If you are considering a refinance in Hillsborough, Pinellas or Pasco County, Florida, please email me at LRoss@AmeriFirst.com for a complimentary consultation.

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~View my original article at www.TampaBayMortgageBlog.com, Mortgage Refinancing | Different Options Explained

Leah Ross, Personal Mortgage Consultant

Mortgage Solutions for Divorced or Separated Individuals | Keeping the House

2007-07-09T21:00:56Z

In Hillsborough County and Tampa, Florida, many separated and divorced individuals are forced with the dilemma of how to keep the current home during settlement negotiations.

Keeping the Home Without An Existing Mortgage:

A quit-claim deed only transfers ownership of the property, which is the easiest way to transfer title from one spouse to another. This is an ideal solution for individuals who do not have a current mortgage on their home.

A quit-claim deed can be prepared by an attorney or divorce mediator and is recorded with the local register of deeds.

Keeping the Home with An Existing Mortgage:

The only way to rid one spouse of a mortgage they are on is to satisfy the current mortgage. If the mortgage is not satisfied, the vacating spouse will still show the liability of the mortgage on their credit report. This means that if the spouse staying in the home makes a late payment, the vacating spouse will still be hit by the late payment on their credit, even if a divorce judgment shows they are not responsible. In addition, the vacating spouse will show this debt on their current liability schedule and may have future issues qualifying for another mortgage. By satisfying the mortgage, this rids the vacating spouse of any financial responsibility on the mortgage and the home.

The option of refinancing the mortgage will satisfy the mortgage debt for the vacating spouse and eliminate future financial issues related to the mortgage.

My job as a Tampa Mortgage Expert is to help divorced and separated individuals make the best decisions regarding your home and financing. It is my personal policy to offer a complimentary consultation to individuals surf the stormy waters of separation and divorce.

Leah M Ross, Personal Mortgage Consultant

~See more mortgage information for Divorced or Separated Individuals in the following articles on My Tampa Mortgage Blog:

Mortgage Income Requirements | Alimony and Child Support Income for Qualification

Hillsborough County | Tampa Florida: Down Payment and Closing Cost Assistance for your Home Loan

2007-07-06T13:23:20Z

Hillsborough County Florida and the City of Tampa, both offer down payment and closing cost assistance programs for first time home buyers.

In determining the maximum amount of funds available to a buyer, the Hillsborough County non-profit determines what a borrower can comfortable put down versus what the lender requires. For the City of Tampa, the program is very similar with available assistance as high as $60,000.

Here is a general overview of the requirements for qualifying for the programs:

1. Borrower's and family must earn below 120% of the Area Median Income

2. Applicants must be eligible for an FHA, VA or conventional loan, with a rate no higher than one (1) point above the "Fannie Mae 60-day rate" or more than 2% above the FHA 30-year fixed rate

3. To be eligible applicants must have not owned a home in the past three years

4. Applicants debt ratios must be withing program guidelines

5. Applicants must complete the required home buyer education course

For many first time buyers, the down payment assistance programs offered through our local Tampa housing authorities can make a renter into a homeowner.

If you are looking to purchase a home in Tampa Bay and are interested in what down payment assistance programs you may qualify for, contact your Tampa Florida Mortgage Professional, Leah Ross.

~More Articles on Down Payment Assistance Available at My Tampa Mortgage Blog

Mortgage Week in Review June 23-29, 2007

2007-06-30T11:31:38Z

It is an honor to be able to post my first Week in Review for my fellow Mortgage Experts here on Active Rain. I have been given the opportunity this week from David Podgursky, the Mortgage Go To Guy. I have read the past couple weeks compiled by David and Jason Sardi, the key point they made..."This is no easy job". I agree with them! (I believe I have a whole new understanding for writing mortgage blogs). To all my fellow mortgage professionals...Please, let's continue to post more topics that show our mortgage knowledge to consumers and our fellow REALTORS. And my special plea, to the ladies...let's show what you've got! With no further commentary...

MORTGAGE TOPICS: WEEK IN REVIEW JUNE 23-29, 2007

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FHA 203(h) Program for Disaster Victims - Bruce Bourgault

~Bruce wrote a wonderful article explaining this loan program which may be a wonderful source for disaster victims. Great information to have coming into hurricane season here in Florida and with all the rain in Texas.

Healthy Financial Living - Your Los Angeles Loan Officer - Ricardo Bueno

~Ricardo gave some excellent information about ways to save money. The part that intrigued me was how to save money on utilities, such as electricity, water and other services. Great information to share!

What Not To Do After You Apply For A Mortgage - Marie Wright

~Marie's first post on Active Rain. She did a great job clearly explaining some things to avoid when obtaining a mortgage.

What is the Status of 100% Investor Financing? - Stephen Katz

~Where did those 100% loans go for investors? Stephen explains the programs.

Florida Mortgage - Foreign National Homebuyers: Seasoning Funds in US Banks - David Podgursky

~David explains how he consults with foreign national buyers on seasoning international funds for their US purchase.

"Piggybacking" crackdown... - Tony Howell

~Many of us have heard of this type of mortgage fraud. Tony explains the new regulations in place to stop the fraud!

Options on Mortgages: How Buying a Lexus Is Like Getting A Mortgage - Janet Guilbault

~Want the upgrades? Janet explains why you have to pay for them!

My Response to the "Three Card Syndrome" (Members Only) - Shawn Gerhardson

~A article that I think would spark a great amount of conversation and information from our mortgage professionals and REALTORS...what do you think?

Domestic Partner Mortgage Financing - Matthew Blum

~Matt does a wonderful job explaining the requirements for domestic partners seeking home financing.

Mortgages: How would you like your mortgages served to you? - Jeff Belonger

~A creative showcase of the mortgage industry...pick your cuisine!

State of Florida Cracking Down on Mortgage Fraud! YES! - Marc Blasi

~Another step in the right direction to crack down on the mortgage fraud

Mortgage Income Requirements - Alimony and Child Support Income for Qualification - Leah Ross

~An explanation on using alimony and child support income to qualify for your mortgage

The 10 Commandments of Applying for a Mortgage Loan - Michael Mapes

~A fun look at what borrowers should do when applying for a mortgage

Do you want a pre-approval or pre-qualification - Kim Murphy

~Kim simply explains the difference between the two

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If you are interested in writing the Mortgage Week in Review, please email David Podgursky for an assigned week!

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Thank you for the opportunity David!

Your Tampa Mortgage Source, Leah Ross

Mortgage Income Requirements - Alimony and Child Support Income for Qualification

2007-06-27T08:11:07Z

Many individuals, in Tampa Bay and throughout Florida, going through a divorce or seperation find themselves faced with the task of qualifying for a mortgage loan with alimony and/or child support income.

In some circumstances, one spouse is to be awarded alimony and/or child support as part of the divorce decree. With this income, they now may need to purchase a home, in Tampa Bay Florida, with their new source of income. When it comes to conventional financing, there are a few basic guidelines to follow to know if you can use your alimony and/or child support income as qualification for a new mortgage.

1. Alimony and/or child support must be considered as stable income for qualifying for a mortgage

The lender writing the new mortgage loan will be responsible for documenting the income as stable. Lenders do this by documenting the future payment schedule and the past receipt of said payment.

2. Alimony and/or child support must continue for at least 3 year after the date of mortgage application

Most lenders will accept a divorce decree or seperation agreement which outlines the amount of the award and the time period it will be recieved as documentation.

3. Alimony and/or child support must have been received for the past 6-12 months

Acceptable evidence of receipt of funds are bank statements, court documents, IRS Tax forms, or deposit slips. More documentation methods are available for the particular circumstances of the income.

These documentation guidelines lay out the standard qualifications for income documentation. Lenders will vary on their required documentation and you should consult your Tampa Bay mortgage professional for specific requirements.

If you are exploring your mortgage loan options as a divorced or seperated individual, contact your Tampa Mortgage Professional, Leah Ross.

~Read more information on Mortgage Qualifying on My Tampa Mortgage Blog

Rehab Loans: Mortgage Financing for the Fixer-Upper

2007-06-24T18:57:02Z

A bank owned property in Tampa, Florida; Foreclosure sale in Clearwater, Florida; For Sale by Owner in St. Petersburg, Florida...what do they all have in common? THEY NEED WORK! If you are a buyer, a seller or a Realtor and are faced with a home that needs a little "TLC"...There's a solution! Tampa Bay Florida buyers can now utilize rehab loans.

What is a Rehab Loan?

This is a mortgage which allows a buyer to finance the cost of repairs into the purchase price of the home. Put more simply, this mortagage allows you to wrap the costs of the home plus the cost of repairs into one loan. The bonus to this type of loan is the work doesn't have to be completed at the time of closing, the work is done after the closing has occured.

How Does The Rehab Loan Work?

Say you are interested in purchasing a home that has some issues that wouldn't pass for conventional loan financing. Perhaps there are drywall issues; maybe the home needs new flooring or new windows. A rehab loan allows the buyer to have access to the funds to complete the work after closing.

Give Me an Example of a Rehab Loan:

Mr. and Mrs. Homebuyer are interested in a home in Tampa. The home is a bank owned property, thus the bank is not willing to make any repairs prior to closing. Upon inspection, the Homebuyer's find they have two walls that are missing drywall. As your lender, I will have a contractor give us a quote for the repairs and we will include that cost into the loan. After closing, the contractor will complete the repair and we will pay him from the designated funds.

Can I Use a Rehab Loan for Cosmetic Repairs?

Absolutely! With certain types of these rehab loans, you can use funds for carpet, tile, windows and even appliances! This is a perfect option for first-time buyers who are don't have the extra funds for the "feel good" home improvements. Just imagine what $10,000 or $20,000 in available funds can do to that special home!

I need to sell my house, can my buyers consider a Rehab Loan?

It's very possible. The biggest factor is what type of work needs to be completed. When we send out our appraiser, the appraisal is done on a "subject-to-repairs" basis. As long as your home will appraise for the purchase price + repairs once they are done, then this could be a great option for you! Feel free to contact me if you are interested in offering this option to buyers.

How Do I Find Out if I Qualify for a Rehab Loan?

It's easy to find out if you qualify. If you are interested in purchasing a fixer-upper property in Tampa Bay, Clearwater or St. Petersburg and need a way to finance the cost of the repairs, contact me at LRoss@Amerifirst.com for a complimentary pre-approval.

~Visit my Tampa Mortgage Blog for more information on Rehab Loans