Terry L's Florida Mortgage Corner!

Competition is Always Good!

PINELLAS FINANCIAL, LLC — Mon, 31 Aug 2009 07:58:55 -0500

Competition between first-time homebuyers and cash real estate investors are stabilizing home prices. Cash buyers have increased 30% in the greater Tampa Bay area recently. These buyers are purchasing Real Estate for legitimate investments versus the "Gold Rush", fix n' flip mentality of the Real Estate boom a few years ago! This is reducing the inventory of homes and stabilizing home prices!

So run the race! May the best offer WIN!

Don't forget to call Pinellas Financial, a full service mortgage broker located in beautiful Clearwater, Florida! We serve the greater Tampa Bay area and are simply the best around!

HOUSING "FREE FALL" is OVER!

PINELLAS FINANCIAL, LLC — Mon, 03 Aug 2009 07:37:36 -0500

On Saturday, the Associated Press reported that "the freefall is over" for housing prices! Housing prices actually edged up in May. This is the first increase since 2006. Nationwide home resales are up 9% in June compared to January of this year and sales of new homes up 17% during same period. New Construction has risen 20% since beginning of the year! This is all very GOOD NEWS! The best thing about hitting bottom is that there is only one way to go and that is up!

Call Pinellas Financial mortgage company for more information on mortgages, interest rates and the $8,000 goverment tax credit for first-time homebuyers!

We are located in Clearwater, Florida but work all over the beautiful sunshine state!

Still Need to Refinance that BAD MORTGAGE LOAN?

PINELLAS FINANCIAL, LLC — Mon, 13 Jul 2009 15:58:18 -0500

The FannieMae "Refi Plus" program has raised the amount it will approve for a refinance of your current mortgage to 125% of the home's value versus 105%. While none of us want to mortgage our home for more than it is worth, this program is designed to help those who want to stay in their home, but have lost value in the declining market and are in a bad loan and need to refinance DESPERATELY!

Talk to your lender about the FannieMae REFI PLUS program and see if it is an appropriate option for you! Contact us @ PINELLAS FINANCIAL for any mortgage questions and we'll get you an answer or get you to the person you need to talk to!

Beige Book report today by the Feds!

PINELLAS FINANCIAL, LLC — Wed, 10 Jun 2009 18:20:35 -0500

OK, some surprising truth today by the feds....commercial real estate and labor markets continue to struggle. Many regions of the country show weak or deteriorating economic conditions, despite govt efforts to kick start credit markets, consumers still having difficulty obtaining credit, retail sales soft and most of us are giving up luxury items for now.

While we still got to hear how great things will be and some financial sectors improving, it is good that the media is at least attempting to be semi-accurate and not all "roses" about our economy, because that is not the truth. The only way the economy will get better is to acknowledge the truth about our current status! Everyone agree?

Contact Pinellas Financial for more information!

Clearwater, Florida Mortgage Company

Welcome relief for the Short Sale process!

PINELLAS FINANCIAL, LLC — Thu, 21 May 2009 06:12:22 -0500

On May 14, 2009 the Obama administration announced incentives and uniform procedures for short sales thanks to the new Foreclosure Alternatives Program (FAP).

This new program helps troubled homeowners who do not qualify for loan modification AND requires banks to determine if a short sale is appropriate before proceeding with a foreclosure. It also helps Realtors and loan originators by standardizing documents for the the short sale process. This will include a standard "short sale agreement" and a standard "Offer/Acceptance letter".

In addition;

For every successfully completed short-sale the government is offering a $1,000 incentive to banks and $1,500 to borrowers to help them relocate! They will even throw in up to $1,000 for any junior lien holder (typically a 2nd mortgage)
The bank is to determine the property's value and the "bottom dollar" figure they are willing to take for the property. The bank then agrees to give the homeowner not less than 90 days (up to one year in some markets), to have the property listed for sale by a licensed Real Estate agent at that price. No foreclosure can take place during this time!
The bank must agree not to try and negotiate a Real Estate agents commissions once an offer has been received and accepted. The Real Estate agents commissions are specified in the short sale agreement up front and are deducted from the sales price. (ie., bank proceeds)
The bank may not charge the borrower/homeowner ANY fees for participating in FAP.
There is a "deed-in-lieu" of foreclosure option that can be written into the short sale agreement that requires the borrower to deed the property over to the bank in the event that it does not sell in the 90 days or whatever time period was agreed upon. This allows the borrowers to walk away instead of being foreclosed upon. Although, it should be noted that this is still a negative action on a homeowners credit report. The goal in this situation would be to have the borrower walk away owing nothing else to the bank once the deed is signed over.
This program is in effect through 2012.

So there you have it folks! More help! CONTACT Pinellas Financial for questions about this or anything else you can think of! We are a mortgage broker located in Clearwater, Florida! Have a great day! :)

Stimulus Package, Mortgage money available now!

PINELLAS FINANCIAL, LLC — Wed, 29 Apr 2009 15:43:57 -0500

If you have not owned or had a mortgage on a Primary Residence in the last three years and you obtain a mortgage for the purchase of a home this year, you are eligible to receive an $8,000 tax credit from the government. I've mentioned this before.

BUT.....did you know that you do not have to wait to receive your money until you file your 2009 taxes? If you purchased a home today, you can amend your 2008 tax return now and you would have your stimulus money in about 60 days!!

KEEP IT IN MIND FOLKS!!!

Pinellas Financial is a Full Service Mortgage Company located in Clearwater, Florida.

The $8,000 Tax Credit explained!

PINELLAS FINANCIAL, LLC — Fri, 17 Apr 2009 15:24:48 -0500

If you have not had a mortgage or owned a Primary Residence in the last three years you are eligible to to receive up to $8,000 as a tax credit on the purchase of a Primary residence this year. Your purchase needs to happen between 1/1/09 and 12/31/09. You CAN own or have investment or vacation property mortgaged in the last three years. The tax credit equals 10% of the property's value for homes under $80,000.00.
Income limits apply. A married couples modified adjusted gross income (MAGI) should be under $150,000 and singles under $75,000.
Remember it is a tax credit versus a tax deduction. The $8,000 comes back to you even if you do not owe that much in taxes. It is not deducted from your taxable income!
The $8,000 tax credit does not have to be paid back as long as you keep and live in the home for at least 36 months!
Construction loans; if you began construction on a home that will be complete and you will take occupancy before Dec. 31st, 2009, you qualify for the tax credit even if you began construction in 08'.

So that's it in a Nutshell! I can get you an automated underwriting approval in about 10 minutes! What a time to buy a home. This tax credit is literally FREE money!

HAPPY EASTER w/ some Networking tips!!

PINELLAS FINANCIAL, LLC — Fri, 10 Apr 2009 06:45:39 -0500

HAPPY EASTER!!! from PINELLAS FINANCIAL, LLC

This is the time of year to celebrate our Lord and Savior Jesus Christ! For those of you who do not have a relationship with this man, you need to talk to someone about who he is and what he did for all of mankind.

On a Business note, remember that even though our media potray's our economy as gloom and doom; NETWORKING is the key to staying prosperous in these tough times. Advertising is great, but getting out into the community is key. There are so many ways to become involved. Join a local area Chamber of Commerce, Rotary or Kiwanis club. There are several different networking groups and you might find them in your local paper. These can include groups you pay to belong to but look also for free groups. A little investigation should yield more opportunities than you have time for.

The key is to find a handful of different groups and events and be loyal to them with your attendance and your referral's. Don't try and spread yourself across too many different groups. Loyalty and genuine concern for your fellow group members will pay off HUGE!!!,

HAPPY EASTER AGAIN!!!

VA LOANS! VA LOANS! VA LOANS!

PINELLAS FINANCIAL, LLC — Fri, 23 Jan 2009 07:18:27 -0600

With so much affordable housing on the market, our veterans need to be aware of VA loan benefits!

VA loans require NO DOWN payment!
VA loans will allow the seller to pay up to 6% of closing costs!
VA loans DO NOT require MI (mortgage insurance)
VA loans offer conforming interest rates! 5% on a 30-year, fixed rate right now!
VA loans work with less-than-perfect Credit!

Our veterans deserve our respect, admiration and loyalty. Our government has paved the way for these men and women of honor to receive a home loan under the best possible conditions.

Call Pinellas Financial today if you are a veteran, know a veteran or have a client that is a veteran; to find out more about VA loans and what steps need to be taken to take advantage of this great opportunity!

HAPPY 2009!

PINELLAS FINANCIAL, LLC — Fri, 02 Jan 2009 07:41:40 -0600

What are your financial plans for 2009? It should include investing in Real Estate! The interest rates sit at 5.5% and are expected to stay that way through 2009.

Do not be one of the less informed investors that believe Real Estate prices will go lower. We have bottomed out! The way you can see a price reduction from here going forward, IS TO MAKE A LOW-BALL OFFER! There are still many seller's willing to come down on their own. But market conditions are showing a trend of stabilization.

PINELLAS FINANCIAL offers loans scenario's for just about any situation. FHA loans are a way to get in a home for 3.5% down. That 3.5% may be gifted from a relative/employer or you may choose to use a down payment assistance program to cover it!

Banks have mortgage money and they are lending it! Call us or apply online, either way, it takes about 5 minutes to get pre-qualified!

FALLING, FALLING, FALLING INTEREST RATES!!!!

PINELLAS FINANCIAL, LLC — Fri, 28 Nov 2008 17:47:07 -0600

Did you hear the interest rate news this week? Mortgage interest rates have fallen to 5.5% for a 30 year, fixed rate!! We have not been this low for quite some time. If you've been thinking about taking advantage of the low Real Estate prices, now you have another reason to get out there and look! Call Pinellas Financial and we can talk with you about different payments and how to get pre-qualified. Deciding to take advantage of low mortgage interest rates and low Real Estate prices is a smart move for you, your family and your financial future.

Go Ahead and buy that fixer-upper!

PINELLAS FINANCIAL, LLC — Sat, 22 Nov 2008 06:54:32 -0600

A distressed home or "fixer-upper" can be a great investment great deal! How do you buy one of these great investment opportunities? Call Pinellas Financial about an FHA REHAB loan! 3% down payment and your credit can be less than stellar! We are a full service mortgage company located in beautiful Clearwater, Florida!

It's simple! You purchase the home the same as you would any other one and the money is included in your loan to fix up the property! With all of the foreclosed and distressed properties out there and FHA rates below 6%...WHAT ARE YOU WAITING FOR? Call Pinellas Financial today at 727-667-6792!

HOUSING SALES UP 5.5%

PINELLAS FINANCIAL, LLC — Fri, 31 Oct 2008 05:54:02 -0500

The medium home prices for the US housing market fell to $218,400 in September! The lowest in four years. So in essence we can roll the clock back to 2004 home prices. Some would say 2003 prices! The influx of more affordable homes on the market has given us our first increase in Real Estate sales in over a 1.5 years! Housing sales up 5.5% in September.

This data likely indicates a bottoming of home prices. We may be on our way for an eventual rebound in the US housing market, which is the root of the global, financial turmoil we are in. So stay optimistic! The good ole' fashioned laws of supply and demand are at work to correct the market and get our economy growing at a healthy pace.

Now is an excellent time to apply for a mortgage. Yes there is still mortgage money available and with programs such as FHA that require 3% down and just ok credit, why not take advantage of purchasing real estate at 2003 and 2004 prices!

MORTGAGE MONEY AVAILABLE!

PINELLAS FINANCIAL, LLC — Mon, 20 Oct 2008 18:53:55 -0500

Despite the media claims, there is still plenty of liquidity in the market for Mortgages. There is no "credit freeze" on mortgage money! In addition to conventional loans, many loans are now going through the Federal Housing Administration (FHA) insurance program. The down payment for an FHA loan is currently 3% (will go to 3.5% on Jan. 1, 09). With loan limits in Pinellas County at $292,500.00 and rates at or below conventional rates, what are you waiting for? Today's FHA rate on a 30-year fixed; 6%!

So don't believe everything you hear. We offer FHA, conventional, foreign national programs, Jumbo financing and work with short sale scenario's. With housing prices at 2003 levels, now is the best time to grab a deal!

Bright Idea!

PINELLAS FINANCIAL, LLC — Fri, 06 Jun 2008 07:26:26 -0500

I'd like to share what I think is a bright idea. I am a Mortgage Broker and was approached about providing lists of foreclosed homes that are currently for sale from the banks and investors I work with. There's a lot out there. These particular Realtor's are incorporating "foreclosure tours" as part of their business. Advertising to investor's and to anyone, the offer to go on these tours and view foreclosed properties every week! What a great idea! They are having great success from not only investor's but many people who have thought about taking advantage of this market and just don't know where to start. Maybe some of you are already doing this, but maybe the idea will help those of you who need a "fresh" goal to focus on!

HAVE A BEAUTIFUL WEEKEND! IN HIS NAME!

The Home Valuation Code of Conduct (HVCC)! Yuck!

PINELLAS FINANCIAL, LLC — Wed, 07 May 2008 05:07:58 -0500

Attorney General Cuomo, FANNIEMAE and FREDDIEMAC (housing authorities), entered into an agreement in March of this year called the "Home Valuation Code of Conduct". This "code" does several things, but the most damaging point is stopping Mortgage Brokers from choosing the appraiser or having any contact with the appraiser during the loan process. This "code" say's that the appraisal process will be at the sole discretion of the end lender (yes, the big guys). Let's explore why this is bad for Mortgage Brokers, Appraiser's, Realtors and MOST OF ALL CONSUMERS!

1-Appraiser's will have to join AMC's (Appraisal Management Companies), and give 40% of their fee for the privilege of being included in the AMC. We will be at the mercy of time frames, costs and appraisal procedures of these AMC's. This will end the existence of independent appraiser's! The appraiser's that "play ball" with the lender have work, those that do not, are out of business. At present, if we do not receive prompt and professional service from our appraiser's we can call another one. THE AMERICAN WAY of FREE ENTERPRISE!! Also, forcing appraiser's to join and pay these AMC's, closely resembles a "union" type setup. This will most certainly drive the cost of appraisals up!

2-This "code" also "traps" our borrowers into that particular lender unless they want to pay for ANOTHER APPRAISAL! Currently, we, the Mortgage Brokers, order and own the appraisal during the loan process. Often times, we may switch lenders in the middle of this process, if another lender offer's a better incentive, rate or lower fees. AGAIN, FREE ENTERPRISE! This is why clients come to "BROKER'S", because we "shop" lenders for them. We are not "trapped" into one lender's rates, fee's or otherwise. As Mortgage Broker's, if we do not order and therefore, do not own the appraisal, the whole loan process becomes less competitive and the BORROWERS lose the most. Because a new appraisal would be required to change lenders, borrowers would be discouraged from shopping for the best mortgage deal. Currently, we have the ability to reassign the appraisal to a new lender with no extra cost.

3-Lastly, the large institution lenders gain Power and this creates bias. The large lenders will have the ability to choose which appraiser's stay in business and which ones don't!! Again, talk about breeding corruption! This almost seems like an organized crime structure where a few people at the top call the shots.

WOW!!! PLEASE STOP THIS "CODE"! I understand the theory behind this proposal in that it is believed that as Mortgage Broker's we may be able to exert undue influence of home valuations on the appraiser's that we have built relationships with. But certainly there are far more appropriate safeguards against this that protect free enterprise and preserve independent appraisals. This can only foster competition and lower costs for borrowers.

Responses in protest to this new code were due by April 30th. FannieMae, FreddieMac and Attorney General Cuomo's office were flooded with upwards of 25,000 comments opposing this. This tremendous response came from mortgage broker's, realtors, LENDERS and people that have nothing to do with the business. Way to "step up" people! FannieMae reported their servers shut down over it!

Anyway, we continue to "forge ahead" in spite of the "reformation" of our industry! Have a great day!

Why do I want to consider a 40, "fixed rate" mortgage?

PINELLAS FINANCIAL, LLC — Fri, 25 Apr 2008 06:43:18 -0500

A 40 year, "fixed-rate" mortgage spreads your payment out over a longer period of time compared to the traditional 30 year amortization. This has the benefit of lowering your monthly payments. These mortgages offer a "FIXED" rate for the life of the loan. In the past, a potential home buyer faced with the dilemma of not qualifying for their dream home had very few options to lower the payment to an affordable point. Often times the solution sought was a lower rate mortgage that will adjust according to market conditions after a period of time. Many times home buyers are uncomfortable with an adjustable rate but have had few options if they want to qualify for the home. But a 40 year, "fixed-rate" mortgage may be the perfect solution! Also, a 40 year, "fixed rate" mortgage can allow you to qualify for a bigger home or higher purchase price than you would you would otherwise qualify for. This is especially helpful in areas where home prices are high.

Another use of these mortgages is to refinance home owners out of adjustable rate and "interest only loans". In the recent years, many borrowers opted for adjustable rate mortgages or interest only loans that are now adjusting up! This can leave a home owner in a very vulnerable position. Again, a 40 year, "fixed-rate" mortgage spreads your payments out over a longer period of time and may be the perfect solution for your refinance to KEEP your payment where it is or possibly even LOWER it and have the security of a fixed rate for the life of the loan.

Have a GREAT WEEKEND!

THE REAL ESTATE MARKET IS REBOUNDING!!

PINELLAS FINANCIAL, LLC — Fri, 28 Mar 2008 04:21:35 -0500

Well the news is good again for the Real Estate and Lending industries! Recently, stories have been appearing in many major publications showing Listings are decreasing and home sales are increasing. Specifically, a report from National City Corp together with a financial analysis firm; Global Insight, report listings are 18% lower in February 08' than February 07'.

Also, Home Sales up 22% in February 08' as compared to January 08'. Now these are national averages, so if you're not quite seeing these results in your area, don't despair. The important thing is to see the trend of "recovery"! Economists' for firms such as the ones mentioned above and Moody's financial data are projecting modest increases in home values beginning in 09'.

Sooo, WE HAVE HIT BOTTOM! Now we start the slow crawl up! Interest rates are great, FHA limits were just raised and there is a "glut" of affordable housing on the market. When would there be a better time or more opportunity to be productive in our industry? :)

HAVE A GREAT WEEKEND!

He Reigns!

PINELLAS FINANCIAL, LLC — Sun, 23 Mar 2008 17:33:01 -0500

HAPPY, HAPPY EASTER! What a joy! We do not worship a "deceased" teacher or philosopher. We do not worship "energy" or the stars or the "positive" love we all have in us. We worship a living, reigning king!

I hope Jesus was honored and joyed and Proud of the billions of people that took time today to acknowledge and love him for who he is and what he did!

See you all during the work week!

Keyword tool?

PINELLAS FINANCIAL, LLC — Sun, 23 Mar 2008 16:47:25 -0500

Does anyone have some insight to a good keyword tool? I like Wordtracker but it's $60.00 a month? I've heard there are more affordable ones, even free ones.

Thanks guys.

How do u tell when someone has subscribed to your blog?

PINELLAS FINANCIAL, LLC — Thu, 20 Mar 2008 09:42:29 -0500

that's it, just the question. Hi everyone that's new like me!

LUCK O' the IRISH TO YA! FEDS CUT RATES AGAIN!!

PINELLAS FINANCIAL, LLC — Mon, 17 Mar 2008 08:09:11 -0500

The feds cut rates again! Fresh and early this morning, we are seeing improvements in the bond market and should see this mornings' rate sheets improving. LET'S KICK THOSE CLIENTS OFF THE FENCE ALL YOU REALTORS! What a time to get out and get a great deal on a home. We have the lowest real estate prices in 4 years and low interest rates. Let's get to it!

First time on Active Rain

PINELLAS FINANCIAL, LLC — Sun, 16 Mar 2008 15:58:57 -0500

Hello!!!! I am new! A real estate agent invited me. Is anybody out there??? We are a Mortgage Company based in Clearwater Florida. The company is called PINELLAS FINANCIAL. Anyway, any pointers from any of you out there on how to have fun with Active Rain and meet some new associates?

First time on Active Rain

PINELLAS FINANCIAL, LLC — Sun, 16 Mar 2008 15:58:46 -0500